The Council of Ministers,
after perusal of the file received from the Royal Court 66264 dated 12 Ramadan 1445, regarding the Draft Rules for Dealing with Applications from Public Entities to Establish Companies, to Participate in Establishing Them, or to Establish Any Entity Whose Objectives Include Investment or Aims to Make Profit, and regarding Establishing Clear Governance Based on the Functions, Duties, and Chairmans of the Boards of Directors of Defendant Companies, and Their Legal Association With the Government Entities They Are Subordinate To.
after perusal of the aforementioned draft rules,
after perusal of Royal Order 54611 dated 22 Ramadan 1442,
after perusal of the Law of the Public Investment Fund issued by Royal Decree D/92 dated 12 Sha’ban 1440,
after perusal of the Companies Law issued by Royal Decree D/132 dated 1 Dhu Al-Hijja 1443,
after perusal of minutes 209 dated 6 Safar 1440, 769 dated 2 Jumada Al-Awwal 1440, 1488 dated 16 Sha’ban 1440, and 200 dated 25 Jumada Al-Thani 1444, and memorandums 1203 dated 19 Rajab 1442, 1935 dated 7 Dhu Al-Qa’dah 1442, 784 dated 6 Rabi Al-Thani 1443, 1068 dated 16 Jumada Al-Awwal 1443, 2872 dated 25 Dhu Al-Hijja 1443, 480 dated 17 Safar 1444, 2250 dated 23 Rajab 1444, 3765 dated 4 Dhu Al-Hijja 1444, 215 dated 19 Muharram 1445, 618 dated 22 Safar 1445, and 2447 dated 6 Rajab 1445 prepared by the Bureau of Experts at the Council of Ministers.
after perusal of the recommendation of the Council of Economic and Development Affairs 5-7/45/R dated 29 Jumada Al-Awwal 1445,
and after perusal of the recommendation of the General Committee of the Council of Ministers 9794 dated 14 Ramadan 1445,
hereby decides
First
“The Rules for Dealing with Applications from Public Entities to Establish Companies, to Participate in Establishing Them, or to Establish Any Entity Whose Objectives Include Investment or Aims to Make Profit” are hereby approved in the form attached.
Second
His Excellency the Minister of Finance, in collaboration with His Excellency the Minister of Commerce, His Excellency the Governor of the Public Investment Fund, and His Excellency the Chairman of the Board of the Capital Market Authority shall define the meaning of “entity” stipulated in clause 1 of the rules—referred to in clause First of this decision—and shall take the necessary measures to circulate this to the relevant entities.
The Prime Minister
Issued on: 16/9/1445
Corresponding to: 26/3/2024
Published in Umm Al-Qura 5027 issued on 5 April 2024.