The Saudi Council of Ministers, in its meeting chaired by King Salman bin Abdulaziz, approved the establishment of the Small and Medium Enterprises Bank and the abolition of the General Corporation for Railways as of next April.
The council indicated in its recommendations that “the Saudi Railways Company” SAR “will be the place of the General Corporation for Railways after its cancellation, in any contracts, contractual obligations, agreements, organizations, licenses, permits, or decisions.
The council renewed “the Kingdom’s support for the peaceful efforts to establish security and stability in the regions of the Middle East and the Eastern Mediterranean.”
He stressed “the importance of intensifying consultations and coordination to maintain security and peace in international sea lanes, in a manner that guarantees freedom of trade and navigation, respects the principles of sovereignty and good neighborliness between countries, and condemns any external interference in the internal affairs of states.”
Source: “SPA” + “Economist”