Custodian of the Two Holy Mosques Addresses Shura’s 2nd Year Workings

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud addressed the second-year workings of the Shura Council, in its 8^th session, in a detailed annual royal speech, announcing the Kingdom’s internal as well as external stance, over broad political, administrative and economic issues.

The King reasserts that the Kingdom’s Vision 2030 was launched for the sake of a prosperous country, in which the future of our sons and daughters is secured, by harnessing an integrated system of programs; to raise the level of services such as education, health, housing and infrastructure, create ample areas of job opportunities, and diversify the economy to enjoy solidity and durability, in the face of global changes, so that the Kingdom occupies its appropriate position, regionally and globally, as well.

The Saudi Government tended to develop state’s administrative apparatus to include all institutions, services, and policies, contributing to upgrading the competitive capabilities of the national economy, improving quality of services and raising their efficiency, so that excellence in performance is the basis for evaluating the efficiency of the operating agencies, in the country, the King explained.

National Investment Strategy, launched by HRH Crown Prince Mohammed bin Salman bin Abdulaziz, on October 11, is a significant tributary to achieve the goals of the Kingdom’s Vision 2030, and through it, investments exceeding SR12 trillion, will be pumped into the local economy by 2030, among the initiatives and projects of the Partner program, local and corporate investments under the umbrella of the National Investment Strategy, the King highlighted, adding that  the national economy will receive another SR10 trillion of government spending, through the state’s general budget, and more than SR5 trillion of consumer spending.

Public Investment Fund (PIF) has announced its strategic plan, targeting investments worth SR3trln until 2030, to achieve the targeted returns supporting the economy, creating opportunities for small and large private sector enterprises, creating more jobs and raising the overall total expenditure to about SR27 trillion by 2030, the King drew attention.

Financial sustainability policies have positively reflected on the gradual recovery of the local economy, as new investments have continued their steady growth, an evident of the performance of activities, at the end of Q3 2021, with expectations of achieving financial surplus in the state’s general budget, in 2022, and low debt indicator, at 25.9% to the GDP, compared to 29.2% in 2021, the King elaborated.

As for the privatization programs, with implementation in progress since 2018, they will increase to speed up the quality of services, create investment opportunities and enhance the sustainability and competitiveness of the Kingdom’s economy, the Saudi Monarch stated.

The International Monetary Fund (IMF) indicates the Saudi economy success as it confirmed the continuation of its recovery, which reflects the prominent role of the structural reforms implemented within the framework of Vision 2030, the King emphasized.

The Kingdom reaffirms that the stability and balance of the oil market is a main pillar of its energy strategy, due to its belief that oil is a crucial element to support the global economy growth, and as Riyadh is keen to continue working with the OPEC+ accord, for its essential role in stabilizing the oil markets, the King indicated.

However, the King pointed out that it is similarly important for all participating countries to abide by their commitment to the agreement.

Continuous development of output capabilities, permanent maintenance of additional spare capacity, have proven the far-sightedness of the Kingdom’s oil policy, which is pivotal to maintain the security of energy supplies, the King reaffirmed.

Work is underway to develop King Salman Energy City (SPARK); to obtain the full economic value from energy-related goods and services, in the Kingdom, as well as the region, with the 21^st century ecosystem cherished, in the energy sector, to form a vibrant internationally recognized industrial community, based on excellence and innovation, the King stressed.

Kingdom’s emphasis on commitment to facing off climate change increasing challenges, working to enhance implementation of Paris Agreement, supporting “Green Saudi Arabia” and “Green Middle East” initiatives, confirms its global leadership, in efforts exerted, to protect the environment, the King reasserted.

Reducing carbon emissions, enhancing public health, quality of life, improving oil production efficiency, raising rates of renewable energy, and achieving sustainable development, the King enumerated broader goals, to reiterate the Kingdom commitment to carry them out.

Raising the level of contribution to reduce emissions by 278 million tons, annually, by 2030, and to target achieving zero neutrality, in 2060, through adopting circular carbon economy approach, are among the utmost objectives of the Kingdom, the King added.

The Saudi Monarch concluded with tackling a host of local, regional and world issues, with a particular eye-catching outright call to take the terrorist Hezbollah’s strong hands-off Lebanon, as its hegemony over the country, is paralyzing the state apparatus.