Saudi Cabinet Praises Efforts to Enhance Kingdom’s Global Economic Position

King Salman bin Abdulaziz chairing the Saudi Cabinet session on Tuesday (SPA)
King Salman bin Abdulaziz chairing the Saudi Cabinet session on Tuesday (SPA)
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Saudi Cabinet Praises Efforts to Enhance Kingdom’s Global Economic Position

King Salman bin Abdulaziz chairing the Saudi Cabinet session on Tuesday (SPA)
King Salman bin Abdulaziz chairing the Saudi Cabinet session on Tuesday (SPA)

The Saudi Cabinet on Tuesday hailed the Kingdom’s keenness to communicate and strengthen relations with friendly countries as it continues playing a pivotal role through the participatory work system at the global level.

King Salman bin Abdulaziz had chaired the Cabinet's session at Al-Yamamah Palace in Riyadh on Tuesday.

During the meeting, the Cabinet touched on the outcomes of the G20 Leaders’ Summit held in Indonesia, noting the significance of the Kingdom’s participation, whose delegation was led by Crown Prince Mohammed bin Salman, to enhance its prestigious and important position in the global economy map, and contribution through this summit in supporting the efforts exerted in facing international challenges, especially with regard to preventing and responding to epidemics.

The Cabinet expressed hope that the positive results reached by the leaders will contribute to consolidating cooperation and increasing growth rates of the global economy.

Moreover, the Cabinet considered the Kingdom of Saudi Arabia’s ranking third globally and first regionally in the data of GovTech Maturity Index (GTMI) for the year 2022 according to the World Bank Group, as a culmination of integration and joint work among government agencies which produced digital transformation initiatives and programs to achieve the goals of Vision 2030 by providing advanced services through high-quality digital products that supports the business environment and the march of the national economy and enhances its international competitiveness.

The Cabinet was briefed on the topics on its agenda, some co-studied by the Shura Council, as well as on the conclusions reached by the Council of Economic and Development Affairs, the Council for Political and Security Affairs, the Cabinet's General Committee and the Cabinet's Bureau of Experts.

The Cabinet authorized the Minister of Foreign Affairs, or his deputy, to discuss with Mongolia a draft memorandum of understanding on political consultations between the foreign ministry of the Kingdom and the foreign ministry of Mongolia, and sign it prior to forwarding the final version to complete legal procedure.

Additionally, the Cabinet decided that March 23rd of every year will be celebrated as Day of Social Accountability in Saudi Arabia.



Saudi Crown Prince Launches National Red Sea Sustainability Strategy

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
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Saudi Crown Prince Launches National Red Sea Sustainability Strategy

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who is also Prime Minister and Chairman of the Council of Economic and Development Affairs, launched on Wednesday the National Red Sea Sustainability Strategy.

The strategy protects the Red Sea, empowers communities, and paves the way for the transition to a blue economy, to achieve economic diversification in line with the goals of Saudi Vision 2030, and the recently announced national priorities for RDI, specifically Sustainable Environment and Supply of Essential Needs.

“The Kingdom of Saudi Arabia continues to unleash its enormous economic, geographical and cultural potential, and its pioneering efforts in sustainability and environmental conservation,” said the Crown Prince.

“Through this strategy, the Kingdom positions the blue economy as a fundamental pillar of its diversified economy and aspires for the Red Sea region to become a global reference for leading blue economy activities, and for the Kingdom to become a global leader in the field of research, development and innovation in blue economy,” he stated.

“The Kingdom also reaffirms its commitment to a sustainable future for the Red Sea, and we look forward to everyone’s cooperation in protecting our Red Sea Coast, and the nature and communities that depend on it,” the Crown Prince added.

The Red Sea is one of Saudi Arabia’s unique and biodiverse regions – an area of 186,000 square kilometers, with 1,800 km of coastline, the Red Sea itself is home to the world's fourth-largest barrier reef system, 6.2% of the globe’s coral reefs and hundreds of islands.
The strategy sets out a comprehensive national framework that explains how to preserve and regenerate the natural treasures in the Red Sea, ensuring that citizens, residents and visitors enjoy them and sustain them for generations to come.

The strategy demonstrates the contribution of protecting the natural environment in unlocking the economic potential of the region and initiating the transition to the blue economy, creating investment opportunities for innovative companies in various marine sectors, including ecotourism, fisheries, renewable energy, water desalination, shipping and industry.

To support the national economy, the strategy aims, by 2030, to: increase the coverage of marine and coastal protected areas from 3% to 30%, support the contribution of renewable energy to 50% of the targeted energy mix, create thousands of new job opportunities related to blue economy activities, and protect the Kingdom’s investments.

The strategy protects the Kingdom’s investments in coastal tourism projects which will potentially contribute to the GDP yearly.
The strategy is structured around 5 strategic objectives: Environmental Sustainability, Economic Development, Social Development, Safety and Security, and Governance and Collaboration. It includes 48 initiatives that were developed to achieve the Kingdom’s ambitions for the blue economy.

The announcement of the strategy clarifies the central role played by the Kingdom in protecting natural resources in light of the environmental and climate challenges that the world is experiencing today and charts a new path that combines economic growth and environmental sustainability.