The Cabinet approved, during its last session headed by Custodian of the Two Holy Mosques, establishing three technology companies to be set up as joint stock companies.
The companies will work towards achieving economic knowledge through partnerships with educational and research institutions and the business and investment community, and invest in joint projects to develop university staff and student experience and practical skill.
On the recommendation of the Permanent Committee at the Supreme Economic Council, the Cabinet approved licenses to set up technology companies Wadi Al-Riyadh, Wadi Jeddah and Wadi Al-Dhahran, as joint stock enterprises.
The companies are permitted to invest in the transfer, localization and development of technology, train university students for work in the private sector, find job opportunities for students, attract local and foreign investment to support the companies’ work, and work with other organizations in the field.
The Cabinet also gave its approval for the setting up of the International American Group Company and the Arab National Cooperative Bank.
On the other hand, the Cabinet approved a five percent annual living allowance for Saudi pensioners and their families. The said percentage will be calculated from a person’s pension up to a maximum of SR25,000, and will start the following month next to the Cabinet's Resolution to remain in effect for three years, after which a pensioner’s cost of living will be calculated on the same basis as that of state employees