The caretaker Cabinet approved in a session on Tuesday a bill amending two articles of Local Administration Law of 2011 to allow establishing private joint-stock holding companies.
According to the amendment, the companies’ shares will be owned by the administrative units. The establishment of such companies aims at contributing to the development, management, and investment of the units’ assets.
The amendment goes in line with the array of economic, administrative, and legislative reforms and developments recently witnessed in the country, which have been prompted by the emerging needs under the current circumstances, including that of kickstarting the reconstruction stage.
The Cabinet also approved a bill amending some provisions of Law no. 197 for 1958 on regulating the structure of the Ministry of Culture.
A memo of understanding was also approved to rehabilitate and develop production lines at the factory of Adra Cement Company in Adra area, Damascus Countryside, in addition to building a new cement factory in the area at an estimated value of EUR 300 million.
Afterwards, Prime Minister-Designate Wael al-Halqi referred to a number of economic issues to be focused on in the coming stage, including tax reforms, social justice, small project development, and most importantly, the relief file and compensations for people affected due to the ongoing crisis in the country.