Saudi Arabia Diversifies Revenue Successfully, Al-Jadaan Confirms

Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)
Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)
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Saudi Arabia Diversifies Revenue Successfully, Al-Jadaan Confirms

Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)
Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)

Saudi Finance Minister Mohammed Al-Jadaan and Qatari counterpart Ali Al-Kuwari stressed that Gulf countries are working hard to diversify their economies away from solely relying on oil and gas revenue.
They made these remarks during a panel discussion at the Qatar Economic Forum.
Al-Jadaan highlighted the need for readiness in the face of economic challenges, emphasizing the risks of depending solely on oil and gas income.
Gulf nations are moving towards building diverse and sustainable economies, focusing on empowering the private sector and nurturing tech-savvy youth to lead future businesses.
Al-Jadaan highlighted Saudi Arabia’s successful policies ensuring economic stability and diversifying income beyond oil and gas.
Despite the challenges of the coronavirus pandemic, the initiatives of Saudi Arabia’s national transformation plan “Vision 2030” have boosted Saudi GDP by 15%, with unemployment rates dropping.
Al-Jadaan emphasized the need to support private sector growth to meet Vision 2030 targets and create jobs.
He mentioned that oil revenues exceeded the 2023 budget expectations, despite oil prices dropping by around 20% and production decreasing by 17%.
Non-oil revenues, however, increased by 37%.
Regarding Gulf currencies pegged to the dollar, Al-Jadaan stated that despite drawbacks, like interest rate concerns, there are benefits such as investors facing no risks and Gulf countries gaining more influence when importing from outside the US.



Crown Prince, Russian FM Discuss Regional, International Developments

The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA
The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA
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Crown Prince, Russian FM Discuss Regional, International Developments

The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA
The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom on Tuesday - SPA

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud met with Russian Minister of Foreign Affairs Sergey Lavrov on Tuesday at Al-Yamamah Palace.
The Crown Prince welcomed Minister Lavrov and his accompanying delegation to the Kingdom, while the Russian foreign minister expressed his pleasure at visiting Saudi Arabia and meeting with the Crown Prince, SPA reported.
During the meeting, the two sides reviewed relations between the two friendly countries and discussed ways to enhance and develop them in various fields.

They also exchanged views on regional and international developments and the efforts exerted towards them to achieve security and stability.
The meeting was attended by Minister of National Guard Prince Abdullah bin Bandar bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, and Minister of State, Member of the Cabinet, and National Security Adviser Dr. Musaed bin Mohammed Al-Aiban.
On the Russian side, the meeting was attended by Aide to the President of the Russian Federation Yury Ushakov, Russian Ambassador to the Kingdom of Saudi Arabia Sergey Kozlov, and several senior officials from the Russian Ministry of Foreign Affairs.