Transferring Certificates’ Origin Issuance Competence for all National Products from “Commerce” to “Industry”

Under the chairmanship of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Cabinet approved transferring certificates’ origin competence of issuance for all national products from  the Ministry of Commerce the Ministry of Industry.

It also approved the extension of the soft mortgage program, for a period of three years, starting from the end of the period stipulated in the Cabinet Resolution No. (391). And the date of 7/17/1439 AH.

It reviewed the Preliminary Statement of the state’s general budget for the Fiscal Year 2022, and its main of the developments features related to the performance of the public finance, during the Year 2021.

And the most important financial targets and estimates of economic indicators for the Year 2022 and in the medium term, as well as the initiatives and programs to be implemented next year, within the framework of the Kingdom Vision 2030.

In the context, the Cabinet expressed its aspiration to continue the path of economic growth and comprehensive development, and to achieve them, emphasizing the continuation of work to enhance spending efficiency, maintain financial sustainability, and implement financial reforms that support the growth of the economy and diversify its activities, in order to achieve the goals of the Kingdom’s development ambition.

The session also followed up the efforts exerted to develop the tourism sector and raise the percentage of its contribution to the GDP.

Especially with regard to working to develop several tourist destinations, with a global horizon in various regions of the Kingdom, the most recent of which was the launch of the Asir Region Development Strategy aimed at transforming the region into a global tourist destination, throughout the year.

Attracting more than 10 million visitors from inside and outside the Kingdom by 2030, achieving a comprehensive revival in the region by raising the quality of life, developing infrastructure and services, and contributing to bring about local, regional as well as world investments and advancing social and economic developments, are among the eventual goals of the strategy.

An agreement was also approved between the government of the Kingdom of Saudi Arabia and the government of the Republic of Iraq to avoid double taxation with regard to taxes on income and capital and to prevent tax evasion and avoidance.

Finally, the Cabinet approved the final account of the Nuclear and Radiological Regulatory Authority, for a previous fiscal year.