Saudi Gazette report

RIYADH — The Saudi Cabinet session, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Tuesday, approved the Law of Commercial Registration and the Law of Trade Names. The Council of Ministers also approved the Tax Law of Real Estate Transactions besides endorsing the naming of the Year 2025 as the Year of Handicrafts.

In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said that the Cabinet appreciated the fruitful outcomes of the fourth session of the Saudi-Chinese High-Level Committee, held recently in Riyadh with the presence of Chinese premier, saying that this embodied the comprehensive strategic partnership between the two friendly countries, and the keenness of both countries in strengthening bilateral cooperation in all fields such as political, security, military, energy, trade, investment, financial, scientific, technical, cultural and tourism.

The Council hailed the talks held by the Egyptian prime minister with the Crown Prince and other high ranking Saudi officials. The session highlighted the strength of the distinguished fraternal relations between the two countries, and the common desire to deepen cooperation between Saudi Arabia and Egypt in various fields in a way serving the interests of the people of the two countries.

The Cabinet authorized the Minister of Foreign Affairs to negotiate and sign with the Egyptian side the draft minutes for the formation of the Saudi-Egyptian Supreme Coordination Council.

The Cabinet discussed the Kingdom's overall participation in regional and international meetings as part of its ongoing efforts to cooperate with countries and organizations worldwide to achieve regional security and stability and address global challenges through various means and methods.

The Council welcomed the contents of the statement issued at the ministerial meeting held in Madrid on coordinating efforts regarding the situation in Gaza and the steps to implement the two-state solution for the Palestine issue. It stressed the importance of stopping Israeli aggression in the Gaza Strip, activating international accountability mechanisms, and working to facilitate the delivery of humanitarian aid to alleviate the suffering of the Palestinian people.

The Cabinet also noted the Kingdom’s speech at the 68th session of the General Conference of the International Atomic Energy Agency, during which it emphasized the ongoing implementation of the national nuclear energy project and the construction of the first nuclear power plant to achieve sustainable development in line with national requirements and international obligations. Additionally, it highlighted plans to host an international conference on nuclear emergencies in cooperation with the International Atomic Energy Agency in Riyadh by the end of 2025, reflecting the Kingdom's commitment to preparing for nuclear and radiological emergencies and enhancing the capacity to address them.

The Cabinet reiterated the Kingdom’s emphasis, during the G20 meetings, on the importance of enhancing international cooperation and joint efforts to achieve global food security and support the benefits of the space economy through adopting strategic transformations and providing sustainable solutions in these two areas.

The session reviewed the outcomes of the international conferences and gatherings recently hosted by the Kingdom, which align with the national visions and aspirations to strengthen the country's position and leadership in various fields while opening new horizons to enhance its present and future role on the global stage.

The Council lauded the 3rd Global AI Summit, which included launching initiatives and programs and signing over 80 local and international agreements, which will contribute to enhancing technological innovation and developing modern technologies that serve sustainable development goals and support the digital economy.

The Cabinet deemed the Kingdom’s classification as a Tier 1—Role-modelling in the United Nations Global Cybersecurity Index (GCI) 2024 as a reflection of its advanced position in relevant international indicators, along with a series of achievements and successes attained over the past years at all levels.

The Cabinet reviewed the most prominent statistics related to the national economy, including the stability of inflation rates at 1.6 percent over the past three months and the 4.9 percent annual growth of non-oil activities in the second quarter of this year on an annual basis. In this context, the Cabinet emphasized the strength of the Kingdom’s economy and the effectiveness of the procedures and measures taken to address global economic variables.