Riyadh: The Saudi government approved the establishment of the Higher Council of Space that will be headed by Prince Mohammed bin Salman, Crown Prince and Prime Minister, on Tuesday.
The cabinet meeting in Riyadh was chaired by the custodian of the Two Holy Mosques King Salman bin Abdulaziz.
The government also approved an amendment to the name of the Communications and Information Technology Commission, changing it to the Communications, Space and Technology Commission.
Crown Prince Mohammed’s talks with the president of Senegal and the prime minister of Pakistan were briefed to the cabinet.
Cabinet was also briefed on the work of the Sub-Committee of Saudi–the Pakistan Supreme Coordination Council and the Saudi-Chinese High-Level Joint Committee.
The government highlighted Crown Prince Mohammed’s announcement last week that the Public Investment Fund (PIF) will establish five companies that will invest in Bahrain, Iraq, Jordan, Oman, and Sudan.
The companies will seek to invest up to SAR 90 billion (USD 24 billion) to help build lasting strategic economic partnerships, grow PIF’s Assets Under Management, and diversify Saudi Arabia’s sources of revenue while underscoring the objectives of Vision 2030.
The recent 6th Future Investment Initiative forum which was held in Riyadh last week was also highlighted. The event addressed several issues and solutions to challenges facing the world.
A number of agreements and memorandums of understanding were signed at the event which also witnessed the launch of many local, regional and international initiatives that support the investment sector.