Saudi Cabinet approves Real Estate Contributions Law

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz

The Saudi Cabinet, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, approved the Real Estate Contributions Law.

The Cabinet reaffirmed the Kingdom's keenness to enhance the precautionary efforts made by the OPEC+ countries to support the stability and balance of oil markets, including the announcement of the extension of the voluntary cut of one million barrels per day, which went into implementation in July, for another month to include August.

Moreover, the Cabinet indicated that the positive results achieved by the Kingdom in the World Competitiveness Yearbook Report 2023 are a reflection of the economic transformation process adopted with the aim of achieving the desired aspirations for the prosperity of the national economy and progress in all fields.

Meanwhile, it approved - in principle - the establishment of a national marine information center.