Cabinet expresses hope of continued growth, development

October 05, 2021

NEOM — The Custodian of the Two Holy Mosques King Salman led the Council of Ministers in expressing the hope of continuing the Kingdom of Saudi Arabia’s economic growth and comprehensive development during the Cabinet's virtual session here Tuesday.

King Salman, prime minister, chaired the Cabinet's meeting during which reviewed the Pre-Budget Statement for the Fiscal Year 2022, including the Fiscal and Economic Performance Report FY 2021, and the main fiscal objectives and economic indicators estimates for Fiscal Year 2022 over the medium term.

It also reviewed the key initiatives and programs that will be implemented during the coming fiscal years within the framework of the Kingdom’s Vision 2030, and within this context expressed an aspiration to continue economic growth and comprehensive development.

The Cabinet also stressed the continuation of work to enhance spending efficiency, maintain financial sustainability, and implement financial reforms that support economic growth and diversification, in order to achieve the goals of Saudi Arabia’s development ambition.

At the outset of the session, King Salman briefed the Cabinet on the content of the phone call with Sultan Haitham Bin Tariq of the Sultanate of Oman, in which the King affirmed that Saudi Arabia stands by the Sultanate in its efforts to confront the repercussions of the tropical cyclone Shaheen,

King Salman also briefed the Cabinet on the content of the letter he received from US President Joe Biden. The letter praised the historical relations between the two countries, as they constitute a cornerstone of stability, security and economic prosperity in the Middle East. The US President said in the letter that he is looking forward to continuing joint work in many fields.

In a statement to the Saudi Press Agency (SPA), Acting Minister of Media Dr. Majid Bin Abdullah Al-Qasabi said that the Cabinet followed the exerted efforts to develop the tourism sector and raise its contribution to the GDP, particularly with regard to the work to develop many tourist destinations with a global scope in Saudi Arabia’s regions.

This includes the recent launch of the Strategy for the Development of Asir Region. The strategy seeks to make Asir region by 2030 a year round world tourist destination catering for more than 10 million visitors from the Kingdom and abroad.

The strategy's objective is to achieve a comprehensive growth for the region in addition to raising the quality of life, improving the region's basic services and infrastructure, attracting investments and contributing to the social and economic prosperity of the region.

The Cabinet reviewed the Kingdom’s activities and events during the week, including Saudi Arabia’s celebrations of the World Teacher's Day, as they highlighted the government’s keenness and interest in raising the quality of education to meet highest international levels and strengthening the pivotal role of teachers in the educational system.

The Cabinet on this occasion expressed thanks to all teachers for their efforts in the educational process and support for the continuity of education despite the COVID-19 pandemic, and the confidence that they will continue to deliver the message of their profession.

Dr. Al-Qasabi stated that the Cabinet touched upon Saudi Arabia’s keenness to develop existing relations with international institutions and organizations in order to achieve common interests.

This comes within the context of addressing the Cooperation Arrangement signed between the Ministry of Foreign Affairs and the European External Action Service to regular consultations, which will contribute to strengthening joint cooperation in all fields.

The Cabinet also approved an agreement between the government of Saudi Arabia and the government of Iraq on the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income and capital.

It approved the transferring of issuance of Certificate of Origin (CO) for all national products from the Ministry of Commerce to the Ministry of Industry and Mineral Resources, while also approving the final account of the Nuclear and Radiological Regulatory Commission for a previous fiscal year. — SPA

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