Ministry of Economy Gains Judicial Oversight Status
The Council of Ministers has decided to suspend the activities of 27 trading companies related to reviewing their compliance with letter of credit regulations, which amounted to approximately $146.7 million during the first seven months of 2026. The decision aims to enhance transparency, governance, and protect the national economy from practices harmful to competition. It includes halting dealings with these companies in commercial records and importers until the review process is completed by the relevant authorities. Additionally, the Council issued a decision granting the Ministry of Economy and Trade the status of judicial enforcement officers to enable it to carry out its duties more effectively in regulating commercial activity.
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