The Shoura Council on Wednesday approved the draft commercial mortgage law.
Yahya Al-Samaan, assistant president of the council, said that the new law, which consists of 47 articles, aims at regulating commercial mortgage contracts.
The law also protects the rights of the concerned parties and deals with relevant matters related to their rights and interests.
Samaan said the council approved the law after listening to the report of the economic and energy committee, read out by its Chairman Abdurahman Al-Rashid. The report includes suggestions made by the council members during their deliberations on the draft law.
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The council urged the General Authority for Meteorology and Environment Protection to carry out a study on the state of carbon emission in the Kingdom. It called on the authority for preparing the national meteorology law within a year. The authority was also urged to ensure implementation of the international agreements with regard to the environment signed by the Kingdom.
