King Salman gives his annual address to Saudi Shura Council

King Salman gives his annual address to Saudi Shura Council
  • King Salman said in his annual address to the Saudi Shura Council on Wednesday that Saudi Arabia is determined to diversify its economy to achieve national gains.

King Salman, also stated that the Kingdom’s oil policy aims to stabilize the world oil markets and serve both producers and consumers, and achieve the security and reliability of oil supplies.

The Saudi monarch reiterated that Iranian weapons had been used in attacks on Aramco facilities on Sep. 14.

“We hope that the Riyadh agreement will open the door to wider understandings among the Yemeni components according to the three references”

King Salman said in his annual address to the Saudi Shura Council on Wednesday.

Developmental achievements

With regard to the Saudi economy, King Salman said that Saudi Arabia is on track to achieve further achievements through Vision 2030 in all its axes.

“What has been achieved of huge developmental achievements in the past decades has made our country a source of pride for all of us,” King Salman continued.

King Salman added: “We were keen to move forward in development projects and create new economic areas”.

King Salman pointed out that Saudi Arabia is determined to achieve its objectives by diversifying economy to achieve new national gains in which the citizen will be target and source.

“We have made great strides in the development of human capacities and the preparation of male and female youth for the labor market,” King Salman confirmed.

Job opportunities

With regard to women, King Salman said that Saudi Arabia will continue its efforts in empowering women and increasing their participation rate, as well as efforts to create job opportunities for citizens and reduce unemployment.

“We note with great pride the increase in the participation rate of women from 19.4% in 2017 to 23.2% in 2019. We also emphasize our keenness and interest in developing SMEs and supporting entrepreneurs,” King Salman said.

Notably, the growth rate of non-oil GDP during the second quarter of this year was 3% compared to 2.5% in the second quarter of 2018. King Salman commented, “The data shows that non-oil revenues increased by about 15%”.

Aramco IPO

King Salman referred that this year witnessed an increase in the number of establishments by 13% and the growth of lending volume, and “We continue to encourage them to increase their share in government purchases”.

On the offering of Aramco, King Salman commented, “The announcement of a part of Aramco’s shares will allow investors inside and outside the Kingdom to contribute to it, bringing investments, creating thousands of jobs and enhancing the size of the financial market”.

Iranian Regime

Regarding the Iranian regime, King Salman also said, “We hope that the Iranian regime will choose the side of wisdom and realize that it has no way to overcome the international position rejecting its practices but leaving its expansionist and subversive thought”.

“The kingdom does not seek war because its hand, which has always been extended to peace, is too high to harm anyone, but it stands ready to defend its people firmly against any aggression,” King Salman added.

King Salman also said, “The Iranian regime should realize that it has serious choices and that each option has consequences it will solely bear, and that the Kingdom has suffered from the policies and practices of the Iranian regime and its agents”.

Riyadh Agreement

King Salman stressed that Saudi Arabia will continue its honorable efforts in supporting the Yemeni people.

King Salman explained that the policies and practices of the Iranian regime and its agents have recently reached a new height of systematic and deliberate actions to undermine the chances of peace and security in the region.