Saudi Arabia goes on with “Economic Reforms”

An archive photo of Saudi Arabia's cabinet session.

The Saudi government stressed on Tuesday it pursues economic reforms as stipulated in the Kingdom’s Vision 2030 and 2020 budget.

King Salman bin Abdulaziz chaired the cabinet meeting yesterday 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 Crown Prince Mohammed bin Salman’s remarks on continuous economic reform and diversifying sources of income.

Attractive Investment Environment

He stressed that the state was keen on establishing an attractive investment environment to pave the way for greater opportunities.

The cabinet also tackled the 40th GCC summit in Riyadh earlier this month.

The council had expressed its keenness on securing the stability of the region, underlining the need for unity to confront challenges.

King Salman also briefed the ministers on the telephone calls he held with US President, Bahrain’s King, Malaysian Prime Minister and European Commission chief Ursula von der Leyen.

He also briefed them on the meeting he held with Kyrgyzstan’s President and the cable he sent to Egyptian President Abdul Fattah al-Sisi.

Information Minister Turki al-Shabanah told SPA that the cabinet addressed the Royal Decree that approved the organizational and structural arrangements related to combating financial and administrative corruption.

Concerned agencies to be grouped into a single body, the audit and anti-corruption authority.

Combating Financial Corruption

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

The cabinet also hailed the agreement to set up the Unified Military Command Headquarters of the GCC in Riyadh.

This also 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.