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Saudi Shura Council approves agreement with UAB to open office in Riyadh

Saudi Shura Council approves agreement with UAB to open office in Riyadh
The Shura Council held its 20th ordinary session today, presided over by its Speaker, Sheikh Abdullah Al Al-Sheikh

Riyadh – Mubasher: Saudi Arabia’s Shura Council has approved a draft agreement between the government and the Union of Arab Banks (UAB) to establish a regional office of the union in the kingdom.

In December 2020, the board of directors of the UAB announced opening a regional office in the GCC region and chose Riyadh city to home it. 

The Shura Council further approved a draft agreement between the kingdom’s government and the International Fund for Agricultural Development (IFAD) to set up a relations office with GCC states, according to a statement on Tuesday.

Earlier this day, the Shura Council held its 20th ordinary session, presided over by its Speaker, Sheikh Abdullah Al Al-Sheikh. 

Established in 1973, the UAB is a financially, administratively, and organisationally autonomous entity and serves as a comprehensive organisation representing the Arab banking and financial community. It supports Arab banks, financial institutions, economic organisations, and banking institutions with mutual support and connections to the Arab world, according to its website.