King Salman Chairs Saudi Arabia’s Cabinet Session

King Salman Chairs Saudi Arabia's Cabinet Session
King Salman Chairs Saudi Arabia's Cabinet Session

TheCustodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired theCabinet's session held at Al-Yamamah Palace on Tuesday.

Atthe outset of the session, the Cabinet was briefed on a report on the meetingsand discussions of the Kingdom's delegation with senior officials and economicdecision makers at the World Economic Forum in Davos, on achieving sustainabledevelopment goals that contribute to the stability of global economy and thewelfare of societies and finding solutions to global challenges. The reportalso reviewed the Kingdom's developing of strategic relations with the Forum,especially as it chairs the 2020 G20 and that the group's agenda are in linewith Kingdom's. The report reviewed the Kingdom's leading and influential rolein the stability of global energy markets, highlighting achieved reforms withinthe Kingdom's Vision 2030 programs and its strategic priorities.

TheCabinet reviewed the Kingdom's follow-up on developments of the oil marketresulting from negative expectations of the potential impact of Coronavirusoutbreak on the Chinese and global economy, including oil market balances, andits confidence in the Chinese government and the international community to endthis virus, confirming that the Kingdom and OPEC + countries possess thecapabilities and flexibility to respond to any changes, by taking necessarymeasures to support the stability of oil markets.

TheMinister of Media, Turki bin Abdullah Al-Shabanah, pointed out in a statementto the Saudi Press Agency after the session that the Cabinet welcomed thecooperation announced by the Saudi Arabian General Investment Authority (SAGIA)through its partnership with the United Nations Conference on Trade andDevelopment (UNCTAD) to hold the Global FDI Summit in October, in Riyadh, whichwill be held for the first time in the Middle East with 250 participants fromexperts and international decision makers.

TheSummit will be held within the framework of the Kingdom's plans and endeavorsto attract foreign investments with its great successes over two consecutiveyears that showed confidence in the Saudi economy, resulting in more than 1130foreign companies in 2019 entering the Saudi market, marking an increase of 45%over the year 2018.

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