Saudi Arabia Monday allowed companies in the Gulf Cooperation Council (GCC) countries to open their branches in the Kingdom. The permission was accorded at a meeting of the Council of Ministers, chaired here by Crown Prince Naif Bin Abdul Aziz, Deputy Premier and Minister of Interior, and is in pursuance of the decision of the GCC summit held in Abu Dhabi in 2010. The companies will be entitled to the same treatment as indigenous businesses. However, under business trading rules the company must be registered in the GCC and its business must be permitted under GCC rules. It must be completely owned by GCC citizens, registered for three years and its branch manager must be a GCC citizen. The last of these two clauses can be changed by the home country. However the state can revoke the license if the company has a foreign partner or has violated any of the key conditions. The Cabinet also expressed heartfelt condolences to King Abdullah, Custodian of the Two Holy Mosques, the Crown Prince, the Royal Family and the Saudi people on the death of Prince Sultan Bin Abdul Aziz. On behalf of King Abdullah, Crown Prince Naif expressed the pain and sadness felt by the King and the people of Saudi Arabia on the death of Prince Sultan. The Crown Prince said the Arabs, the Ummah and the world have lost one of the prominent leaders who was devoted to serve his religion, nation and the whole of humanity. “He had a prominent role in serving Muslims, Islam and blessed efforts in supporting rights and justice in the regional and international arenas,” the Crown Prince said. After discussing Haj arrangements, the Crown Prince as head of the Supreme Haj Committee welcomed pilgrims on behalf of King Abdullah and the Saudi people. The Cabinet expressed its grief over the earthquake in Turkey. It also praised the King's offer of $50 million to assist the Turkish government to cope with earthquake damage. Finally, the Cabinet called for an end to bloodshed and called for the unity, stability and security of Arab countries and its peoples.
