The Cabinet in its Resolution dated June 22, 2020, approved the Model Statute of the State-Owned Companies. The Model Statute came into force based on a Presidential Order dated July 25, 2020. The State-Owned Companies (SOCs) Law sets the approval of the Model Statute by the Cabinet as one of the pre-conditions for the establishment of SOCs or change of the legal status of enterprises to SOCs. Upon approval and publication of the model statute in the official Gazette, new SOCs may be formed using the model statute and completion of other requirements and approval referred in details in the SOCs Law. This will accelerate the process for the establishment of SOCs and paves the ground for the private sector to be shareholders in the SOCs which will function in different sectors all around the country.