Cabinet approves FDI general framework, guiding principles

Crown Prince Mohammed bin Salman

The Saudi Cabinet, in a session chaired by Crown Prince Mohammed bin Salman, approved in principle, the national general framework and guiding principles for foreign direct investment.

According to Saudi Press Agency, the Cabinet approved the Kingdom’s accession to the cement and concrete breakthrough initiative, launched on the sidelines of the Conference of the Parties to the United Nations Framework Convention on Climate Change.

The Cabinet also gave a nod to a framework agreement for cooperation between Saudi Arabia and the US in the fields of air navigation and the exploration and use of airspace and outer space for peaceful purposes.

Moreover, the Cabinet approved an agreement between Saudi Arabia and Qatar on the avoidance of double taxation on income and the prevention of tax evasion.