RIYADH – The Shoura Council on Monday approved the draft law for the National Reserve Fund. Yahya Al-Samaan, assistant president of the council, said the draft law, which consists of 23 articles, aims at creating financial reserves, as well as its management to make the best use of investments and returns. The council passed the law after examining a report containing observations and opinions of the council members during deliberations on the draft law in earlier sessions. Hosam Al-Anqari, chairman of the finance committee, presented the report. The council session, chaired by its President Sheikh Abdullah Al-Asheikh, also approved the draft agreement for demarcation of the maritime borders between the Kingdom and Egypt. Al-Samaan said the council passed the agreement unanimously after listening to a report containing the opinions of the council members during their deliberations on the draft law. The report was presented by Nasser Al-Dawood, chairman of the foreign affairs committee, the Saudi Press Agency reported. The council proposed the creation of joint stock companies to manage the economic cities across the Kingdom so as to attract more investments. The proposal was made after listening to the report of the committee for Haj, housing and services with regard to the annual report of the Saudi Industrial Property Authority (Modon). The council members demanded Modon to frame a mechanism to draw investments into the economic cities, which are under various phases of implementation. It called for updating the Modon Law to address the practical difficulties facing it, and this will be through coordination with Saudi Aramco. The council also proposed working out a comprehensive plan for developing the Jazan Economic City project.
