Saudi Cabinet approves Trade Authority Merger

Cabinet meeting

Saudi Arabia’s Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved the merger of the General Authority for Foreign Trade and the Saudi Export Development Authority into a single entity named the General Authority for Foreign Trade and Export, directing the preparation of the necessary measures for the merger and the submission of any matters requiring regulatory action within 180 days.

In a separate decision, the Cabinet approved the appointment of Abdullah bin Ahmed Al-Tuwaijri to the board of the Insurance Authority.

The Cabinet also approved the GCC Food Security Strategy as a non-binding guideline for three years.

The Cabinet commended the successful restoration of oil flows through the East-West Pipeline, crediting the achievement to the efforts of Saudi nationals. The swift recovery highlights the Kingdom’s energy system’s high operational flexibility and ability to develop technological solutions and respond to emergencies, strengthening the reliability and continuity of supplies to international markets and supporting the global economy.

The Cabinet also praised the military operations conducted by the Coalition to Support Legitimacy in Yemen to neutralize the threat posed by the terrorist Houthi militia to the Yemeni people, international peace and security, global trade, and international supply chains. In this regard, the Kingdom reaffirmed that it would not allow threats to its security or freedom of maritime navigation in the Red Sea and Bab Al-Mandab Strait. It also expressed appreciation for the positions taken by brotherly and friendly countries and international organizations condemning the crimes committed by the Houthi group.