Saudi Arabia's Council of Ministers approved a
license for the new digital-first "EASY Bank" and advanced several
international agreements aimed at boosting tourism, environmental protection,
and strategic investments.
RIYADH — In a move signaling ongoing economic
diversification and digital transformation, the Saudi Cabinet on Tuesday
authorized the Minister of Finance to issue the necessary license for
"EASY Bank," a new financial institution poised to enter the
Kingdom's evolving banking sector. The decision marks another step in
modernizing Saudi Arabia's financial landscape, particularly catering to the
growing demand for digital banking solutions.
Chaired by Crown Prince Mohammed bin Salman,
the Cabinet meeting also saw the approval of the Tourism Development Fund's
application to become an affiliate member of the World Tourism Organization.
This underscores the Kingdom's ambitious plans to expand its tourism sector and integrate more deeply into global tourism
initiatives, a key pillar of Vision 2030.
Further solidifying its international
engagements, the Council of Ministers authorized several key cooperation
agreements. The President of the Saudi Data and Artificial Intelligence
Authority (SDAIA) was empowered to negotiate and sign a draft cooperation
agreement with the Islamic World Educational, Scientific and Cultural
Organization (ICESCO). This initiative highlights Saudi Arabia's commitment to
advancing artificial intelligence and data science capabilities across the Islamic
world.
Additionally, the Minister of Environment,
Water, and Agriculture received authorization to discuss and sign a memorandum
of understanding with Somalia's Ministry of Environment and Climate Change,
focusing on environmental protection. This reflects the Kingdom's increasing
emphasis on environmental sustainability and regional collaboration on climate issues.
In a significant economic development, the
Minister of Investment was authorized to sign a draft agreement with the
Kingdom of Morocco concerning the reciprocal encouragement and protection of
investments. This pact aims to foster cross-border capital flows and strengthen
economic ties between the two nations. The Cabinet also approved discussions
between the Minister of Education and South Korea on a draft memorandum of
understanding for cooperation in health education, training, and research.
In a related context, the Council reviewed the
substantial progress in the Kingdom's water sector. Notably, 122 new
environmental, water, and agricultural projects in the Eastern Province, with a
combined cost exceeding 28.8 billion riyals, were either inaugurated or had
their foundation stones laid. These projects are critical for achieving water sustainability, enhancing production, storage, distribution, and
treatment systems, and improving overall water quality across the region.
These strategic approvals by the Saudi Cabinet
demonstrate a clear trajectory towards a diversified, digitally-advanced
economy and a more prominent role in global partnerships.
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