Custodian of the Two Holy Mosques Chairs Cabinet’s Session 2 Riyadh

The Cabinet praised the assurance made by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers, Minister of Defense and Chairman of the Board of Directors of Public Investment Fund, during his participation in the dialogue session within the Future Investment Initiative Forum 2018, in the presence of a number of states' presidents and figures from around the world, that the Kingdom of Saudi Arabia has made huge steps in enhancing and developing the Saudi economy during the past three years in the fields of governance and restructuring of many sectors. HRH Crown Prince also highlighted the rapid growth of the Kingdom's budget and its advancement in the global competitiveness, and that its projects, reforms, and war against terrorism and extremism are continuing and will never stop, in addition to the improvement in cultural, sports, and entertainment activities, the present and future projects of the Middle East, and its huge achievements that will make it in the forefront of the world.

The Minister of Media Dr. Awwad bin Saleh Al-Awwad said in a statement to the Saudi Press Agency following the session that the Cabinet praised the outcomes of the Future Investment Initiative 2018, which was organized by the Public Investment Fund for the second year in a row, with the participation of many businessmen, corporate executives and economic analysts from around the world, including the initial launch of the National Industry and Logistics Development Program, which is one of the programs to achieve the Kingdom's Vision 2030, the signing of huge investment memorandums of understanding and agreements in various fields, worth nearly 60 billion dollars, which confirms the confidence in the Kingdom's economy and reflects its strength regionally and globally.

The Cabinet also commended the status that the Kingdom's economy has reached, which confirms the positive results of reform measures being exerted by the Kingdom's government and tremendous efforts made to bring the economy to an advanced position compared to the economies of other countries, pointing in this context to the growth of non-oil revenues by 48% at the end of the third quarter compared to the same period last year, and the growth of government spending by 25% at the end of the third quarter, compared to the same period last year, which contributed effectively to supporting the economic growth.

Source: Saudi Press Agency