King Salman Chairs Saudi Arabia’s Cabinet Session

King Salman Chairs Saudi Arabia's Cabinet Session

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet’s session held at Al-Yamamah Palace on Tuesday.

At the outset of the session, the Cabinet was briefed on a report on the meetings and discussions of the Kingdom’s delegation with senior officials and economic decision makers at the World Economic Forum in Davos, on achieving sustainable development goals that contribute to the stability of global economy and the welfare of societies and finding solutions to global challenges. The report also 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 line with Kingdom’s. The report reviewed the Kingdom’s leading and influential role in the stability of global energy markets, highlighting achieved reforms within the Kingdom’s Vision 2030 programs and its strategic priorities.

The Cabinet reviewed the Kingdom’s follow-up on developments of the oil market resulting from negative expectations of the potential impact of Coronavirus outbreak on the Chinese and global economy, including oil market balances, and its confidence in the Chinese government and the international community to end this virus, confirming that the Kingdom and OPEC + countries possess the capabilities and flexibility to respond to any changes, by taking necessary measures to support the stability of oil markets.

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

The Summit will be held within the framework of the Kingdom’s plans and endeavors to attract foreign investments with its great successes over two consecutive years that showed confidence in the Saudi economy, resulting in more than 1130 foreign companies in 2019 entering the Saudi market, marking an increase of 45% over the year 2018.