Saudi Arabia to diversify sources of income

Saudi Arabia to diversify sources of income

The Saudi government stressed on Tuesday that it was committed to pursuing economic reforms as stipulated in the Kingdom’s Vision 2030 and as reflected in its recently unveiled 2020 budget. Asharq Al-Awsat reports in its article Saudi Arabia Says Determined to Continue Economic Reform that custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh.

He praised the adoption of the budget, saying it promises further prosperity and development for Saudi Arabia. He urged ministers and officials to adhere to the budget and all of its development and social programs and projects.

The cabinet highlighted in this regard the remarks by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, that the state was determined to continue along the path of economic reform and diversifying sources of income. He stressed that the state was keen on establishing an attractive investment environment that will pave the way for greater opportunities for coming generations.

The cabinet also tackled the 40th Gulf Cooperation Council summit that was held in Riyadh earlier this month. The council had expressed its keenness on securing the stability of the region, underlining the need for unity and harmony to confront challenges.

King Salman briefed the ministers on the telephone calls he held with US President Donald Trump, Bahrain’s King Hamad bin Isa Al Khalifa, Malaysian Prime Minister Mahathir Mohamad and European Commission chief Ursula von der Leyen. He also briefed them on the meeting he held with Kyrgyzstan’s President Sooronbay Jeenbekov and the cable he sent to Egyptian President Abdul Fattah al-Sisi.

Information Minister Turki al-Shabanah told the Saudi Press Agency that the cabinet addressed the Royal Decree that approved the organizational and structural arrangements related to combating financial and administrative corruption. Concerned agencies will be grouped into a single body, the audit and anti-corruption authority.

This reflects the leadership’s keenness on combating financial corruption, protecting public funds and holding perpetrators accountable, he added.

The cabinet also hailed the signing of an agreement to set up the Unified Military Command Headquarters of the GCC in Riyadh. This reflects the determination to establish security and defense cooperation and coordination to preserve Gulf stability.

Addressing regional and international developments, the cabinet congratulated Abdelmadjid Tebboune on his election as Algerian president.

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