The Saudi government approved on Tuesday the establishment of the Higher Council of Space that will be headed by Prince Mohammed bin Salman, Crown Prince and Prime Minister.
Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh.
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.
The cabinet was briefed on the talks Crown Prince Mohammed held with the president of Senegal and prime minister of Pakistan.
It was also briefed on the work of the Sub-Committee of Saudi–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, growing PIF’s Assets Under Management, and diversifying Saudi Arabia’s sources of revenue, while underscoring the objectives of Vision 2030.
The cabinet highlighted the recent 6th Future Investment Initiative forum that was held in Riyadh last week. 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 that also witnessed the launch of many local, regional and international initiatives that support the investment sector.
