Saudi Press

Saudi Arabia and the world
Monday, Oct 02, 2023

Positive ratings of agencies reflects effectiveness of economic reforms

The Cabinet session, chaired by Custodian of the Two Holy Mosques King Salman on Tuesday afternoon at Al-Salam Palace here, praised the positive assessments of the credit rating agencies on Saudi Arabia’s economy, calling it a reflection of the effectiveness of the economic reforms taken by the government within the framework of the Fiscal Sustainability Program.
The program focuses on developing the medium-term fiscal planning mechanism to sustain the public finances and achieve a balanced budget, while maintaining economic growth rates via diversifying revenue sources, raising the efficiency of government spending, and stimulating the private sector.

The Cabinet also commended the outcomes of the 2nd edition of the Global AI Summit, including the signing of 40 agreements and memorandums of understanding between the public and private sectors from Saudi Arabia and abroad, as well as the announcement of eight local and international initiatives to enhance international cooperation.

They stated that this reflects Saudi Arabia’s keenness to benefit from this vital sector to achieve development and become a leading global model in building knowledge economies to serve present and future generations and achieve the objectives of the Kingdom’s Vision 2030.

The Cabinet welcomed the establishment of the headquarters of the Digital Cooperation Organization in Riyadh, expressing Saudi Arabia’s keenness to support all initiatives in this field, and all efforts that contribute to supporting innovation, youth, women, and entrepreneurs, and promote investment in the digital economy in accordance with national plans.

At the outset of the session, the Cabinet was briefed on the content of the recent talks and meetings that took place between Saudi Arabia and a number of countries, including the two letters received by Custodian of the Two Holy Mosques and the Crown Prince from the Emir of Kuwait and the President of Nigeria.

This is in addition to the content of the meetings that took place between the Crown Prince, the Prime Minister of Kuwait, and the President of the European Council. The Cabinet hailed the relations that bind Saudi Arabia with those countries and peoples and everyone's keenness to develop and strengthen the relations in various fields.

The Cabinet then reviewed a number of current regional and global issues, reiterating the content of Saudi Arabia’s delivered speech at the Seventh Congress of the Leaders of World and Traditional Religions held in Kazakhstan. Saudi Arabia affirmed its support for international efforts to combat extremism and highlighted its effective contribution to promoting communication between civilizations and cultures, through the lofty Islamic message, which is based on peace, justice, tolerance and moderation.

In a statement to Saudi Press Agency (SPA), Acting Minister of Media Dr. Majed Al-Qasabi said that the Cabinet addressed a number of reports on regional and international conferences and forums hosted by Saudi Arabia during the week, where holding these events comes as a part of its efforts to keep pace with developments, contribute to facing challenges, investing opportunities and utilizing potentials and energies to achieve mutual benefits and desired goals and aspirations.

On the occasion of the 92nd Saudi National Day, which falls this year on Friday, Sept. 23, the Cabinet thanked Allah Almighty for honoring this country with serving the Two Holy Mosques and for its dignity, empowerment, noble values, and loyal people, affirming the keenness to move forward in strengthening the process of building and progress, and consolidate its status and leadership among the nations of the world.

The Cabinet authorized the Minister of Foreign Affairs to negotiate with the Nepalese and the Bolivian sides on two draft memoranda of understanding regarding political consultations between the Ministry of Foreign Affairs of Saudi Arabia and each of the Ministry of Foreign Affairs of Nepal and the Ministry of Foreign Affairs of Bolivia.

It approved the establishment of diplomatic relations between Saudi Arabia and the Commonwealth of The Bahamas at the level of an ambassador (non-resident), and authorized the Minister of Foreign Affairs to sign the necessary draft protocol.

The Cabinet authorized the Minister of Culture to discuss with the South African side a draft memorandum of understanding for cooperation in the fields of culture and arts between the Ministry of Culture of Saudi Arabia and the Ministry of Sport, Arts and Culture of the Republic of South Africa.

It further authorized the Minister of Culture to discuss with the Mexican side a draft memorandum of understanding for cooperation in the cultural field between the Ministry of Culture of Saudi Arabia and the Ministry of Culture of Mexico.

The Cabinet authorized the Minister of Industry and Mineral Resources to discuss with the Australian side a draft memorandum of understanding between the Ministry of Industry and Mineral Resources of Saudi Arabia and the Ministry of Resources and Water of Australia to cooperate in the field of mineral resources.

It approved the transformation of Projects Management Office of Jeddah Governorate into a body called (Jeddah Governorate Development Authority), and the Authority’s Board of Directors is chaired by the Crown Prince, and the membership of the Governor of Makkah Region, the Deputy Governor of Makkah Region, the Minister of Culture, the Governor of Jeddah, the Minister of Commerce, the Minister of Tourism, the Governor of the Public Investment Fund, Eng. Ibrahim Bin Mohammed Al-Sultan, and the Mayor of Jeddah Governorate.

It also approved the appointment of Princess Sarah Bint Musaed Bin Abdulaziz Al Saud, Princess Nouf Bint Mohammed Bin Abdullah Al Saud, Dr. Huda Bint Mohammed Al-Amil and Dr. Ilham Bint Mansour Al-Dakhil as members of the Family Affairs Council as specialists in children, women, and elderly affairs.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
Israeli Prime Minister Netanyahu Hospitalized Due to Dehydration Amidst Summer Heatwave
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Saudi Arabia Joins the Treaty of Amity and Cooperation in Southeast Asia
The Renowned Crown Prince Camel Festival Set to Return to Taif on Aug. 1
Why Do Tech Executives Support Kennedy Jr.?
×