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“No minister will be the head of a company anymore”

Riyadh: The Saudi government has instructed all its ministers that “no minister can be the head of any company, otherwise disciplinary action will be taken.”

According to Saudi media, the Saudi cabinet has said that “no minister can be the head of any company or be a member of the board of directors of any company.” “This will exempt the head and membership of the company as decided by the head of the cabinet,” the statement said.

According to Al-Economics, the cabinet has handed over some of the functions of the Real Estate General Authority to the private sector. The Cabinet has made five amendments in this regard.

According to the amendments, the board of directors of the Real Estate General Authority will be reconstituted. The jurisdiction of the authority will be limited to the registration of immovable property in the country and the management of non-government property matters.

The Saudi cabinet has also amended the provisions of the law governing insurance companies, one of which is that no one in the kingdom can issue an insurance scheme without obtaining a license from the Saudi Central Bank.

Violation will result in a fine of up to 2 million riyals, and continued violation will result in a fine of up to 10,000 riyals per day.

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