Saudi Cabinet Approves Extended Eid Holidays and Economic Measures

Riyadh - The Saudi Cabinet, under the leadership of King Salman, announced today its approval for government agencies responsible for implementing the Labor Law to amend their administrative regulations. As a result, official holidays for Eid Al Fitr and Eid Al Adha will now span a minimum of four working days and a maximum of five.

In addition to this significant decision, the Cabinet granted Abu Dhabi Commercial Bank (ADCB) permission to open a branch in the Kingdom. This move aims to enhance financial services and promote economic cooperation between Saudi Arabia and the United Arab Emirates.

Furthermore, amendments were approved for Articles 72 and 102 of the Common Customs Law within GCC countries. Additionally, a regulatory framework was established for inter-registration of financial products between stock market regulators across the GCC region.

The Cabinet highlighted positive indicators in the Kingdom's economy, including a continued slowdown in inflation to 5.1% in December 2023 compared to G20 countries. These figures reflect proactive measures taken by Saudi Arabia to address global price increases effectively.

With extended Eid holidays providing more time for celebration and relaxation, this decision by the Saudi Cabinet is expected to bring joy to citizens and residents alike. The opening of ADCB's branch further strengthens financial ties between nations while amendments related to customs laws aim at streamlining trade processes within GCC countries.

These developments demonstrate Saudi Arabia's commitment towards fostering economic growth, ensuring regulatory efficiency, and improving overall quality of life for its people.