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Riyadh Concludes FII 2018 with $56Bln in Agreements

Riyadh Concludes FII 2018 with $56Bln in Agreements

Friday, 26 October, 2018 - 12:15
Saudi Minister of Finance Mohammed al-Jadaan during FII 2018 in Riyadh. (SPA)

The second Future Investment Initiative (FII) concluded in Riyadh on Thursday with the announcement of the signing of more than 25 agreements worth $56 billion.

Energy Minister Khalid al-Falih said that American companies had the lions’ share of these contracts.

The three-day FII 2018 witnessed a wide attendance of presidents and high-rank officials.

Minister of Finance Mohammed al-Jadaan said that Saudi Arabia’s non-oil revenues jumped 48 percent to SAR 211 billion during the third quarter of 2018 compared to the same period last year.

Attending a panel discussion titled “Financial balance” on the final day of FII, he described this as a great achievement.

“It is possible for the Ministry of Finance to help all other ministries to spend on their plans in order to achieve the Vision 2030,” he said.

Jadaan said that the ministry has managed the fiscal balance programs by working with various ministries to reduce the budget deficit from 16 to 9 percent last year. He expected at the beginning of this year the deficit to reach less than 7 percent.

Bahrain's Minister of Finance Sheikh Ahmed Al Khalifa, meanwhile, affirmed that a financial balance will be attained in Bahrain in 2020, adding that the country has already achieved preliminary steps and the government’s spending has been reduced.

The minister tackled before the panel the accomplishments in the Fiscal Balance Program in Bahrain until 2025 through amendments in spending.

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