Cabinet approves tender, procurement guidelines

Cabinet meeting

Saudi Arabia’s Cabinet, chaired by King Salman bin Abdulaziz, approved today, June 21, the tender and procurement guidelines, and their implementation in the state-owned companies, or any of the government entities, in which the government owns more than a 50% stake, Saudi Press Agency reported. 

The Cabinet also authorized the Bank of Jordan to open a new branch in the Kingdom. 

As many as 16 foreign banks have branches in Saudi Arabia, including Emirates NBD (four), Gulf International Bank (three), National Bank of Kuwait (three), First Abu Dhabi Bank, France’s BNP Paribas, Germany’s Deutsche Bank, Bank Muscat, National Bank of Bahrain, JP Morgan Chase & Co., National Bank of Pakistan, Ziraat Bank Turkey, Industrial and Commercial Bank of China, Qatar National Bank, Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, and Standard Chartered. 

Similarly, there are six licensed foreign banks, which have not yet launched operations, namely Trade Bank of Iraq, Bank of China Limited, National Bank of Egypt, Sohar International Bank, Banque Misr and National Bank of Iraq. 

Accordingly, the number of the foreign licensed banks in Saudi Arabia reached 22.