Saudi Cabinet signs off on economic, security plans

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RIYADH: The Saudi Cabinet on Tuesday began its session with a brief on Saudi Arabia’s delegation participating in the World Economic Forum in Davos. The report included discussions and meetings held with senior economists on the UN’s sustainable development goals.

Chaired by King Salman at Al-Yamamah Palace in Riyadh, the Cabinet discussed the significance of the Kingdom’s role in the 2020 G20 Riyadh Summit.

The Council then highlighted the reforms and achievements of the Kingdom’s Vision 2030 and its strategic priorities.

The Cabinet said that it will be monitoring the developments of the oil markets following the negative perspectives after the possible impact of Coronavirus on the Chinese and global economies.

It expressed its belief that the Chinese government and the international community will eradicate the virus, noting that the Kingdom and OPEC’s member states have the necessary capabilities to address any changes by taking measures to support oil market stability.

In a statement made to the Saudi Press Agency, Media Minister Turki bin Abdullah Al-Shabanah said: “The Cabinet welcomed the cooperation made between the Saudi Arabian General Investment Authority and the UN Conference on Trade and Development to hold the International Conference on Direct Foreign Investments next October in Riyadh.”

HIGHLIGHT

The Cabinet expressed its belief that the Chinese government and the international community will eradicate the coronavirus.

This event will be held for the first time in the Middle East and will see the participation of 250 of the most prominent international experts and decision-makers. This comes within the Kingdom’s plans to attract foreign investment, which has led to the entry of 1,130 foreign companies in 2019, a 45 percent increase over 2018.

The Council authorized the minister of justice to negotiate a draft memorandum of understanding (MoU) between the Saudi and Ukrainian Ministries of Justice.

It has also authorized the chairman of the Saudi Food and Drug Authority (SFDA) to negotiate, with the European Council, a draft MoU between the SFDA and the European Directorate for the Quality of Medicines and Healthcare in the field of exchanging pharmaceutical information.

A guidance model for a cooperation agreement between the Saudi Presidency of State Security and its counterparts in other countries in the field of combating terrorism and its financing was approved by the Council.

It then authorized the president of state security to negotiate a cooperation agreement between the Kingdom’s Presidency of State Security and its counterparts in other countries in the same field.

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