Cabinet approves licensing ADCB to open branch in Saudi Arabia

Custodian of the Two Holy Mosques King Salman bin Abdulaziz 

The Saudi Cabinet, chaired by King Salman, approved today, Jan. 16, licensing Abu Dhabi Commercial Bank (ADCB) to open a branch in the Kingdom, Saudi Press Agency reported.

The Cabinet also gave a nod to the government agencies that implement the Labor Law and have independent and approved administrative regulations, including regulatory bodies, institutions, and centers, to amend their administrative regulations. Under these changes, the official Eid Al Fitr and Eid Al Adha holidays will be a minimum of four working days and a maximum of five.

In addition, the Cabinet approved the amendment to Articles 72 and 102 of the Common Customs Law for the GCC countries, as well as the regulatory framework for the inter-registration of financial products between stock market regulators in the GCC region.

The Cabinet indicated that the positive indicators of the Kingdom’s economy, including the continued slowdown in inflation to 5.1% in December 2023 compared to the G20 countries, reflect the effectiveness of proactive measures to confront the rise in global prices.