The Council of Ministers recently praised Saudi Arabia’s efforts towards achieving the goals of Vision 2030, as highlighted in a report by the International Monetary Fund (IMF). Crown Prince Mohammed bin Salman chaired the Cabinet session in Riyadh, where the ministers expressed appreciation for the IMF’s acknowledgment of the Kingdom’s continuous efforts to diversify its economy and carry out structural reforms. The session also discussed the Crown Prince’s recent meeting with the Russian minister of foreign affairs, focusing on bilateral cooperation and regional and international developments.
The Cabinet session reviewed Saudi Arabia’s participation in various meetings that emphasized the Kingdom’s commitment to fostering joint international action for progress and global economic prosperity. The outcomes of the 161st session of the Ministerial Council of the Gulf Cooperation Council (GCC) and meetings with Russia, India, and Brazil were commended, highlighting the Kingdom’s dedication to enhancing Gulf cooperation and strengthening ties with other countries. Additionally, the Cabinet acknowledged the success of the recent Fintech conference in Riyadh and Saudi Arabia’s bid to host the 6th UN World Data Forum in 2026.
The Cabinet also discussed ongoing efforts to support the establishment of a Palestinian state and alleviate the suffering of the Sudanese people. Several decisions were made during the session, including the approval of memorandums of understanding (MoUs) for cooperation in various fields such as electricity, renewable energy, clean hydrogen, political consultations, direct investment promotion, and preventing and combating corruption. The Council authorized ministers to discuss and sign MoUs with countries like Mauritania, Nicaragua, Uzbekistan, Paraguay, and Iraq, highlighting Saudi Arabia’s commitment to collaboration in different sectors.
Saudi Arabia’s successful bid to host the UN World Data Forum in 2026 was recognized by the Cabinet, emphasizing the Kingdom’s achievements in the statistical sector and its track record in hosting successful international events. The session also focused on Arab-Islamic efforts to support the Palestinian cause, as well as initiatives to provide humanitarian aid and work towards a ceasefire agreement in Sudan. The Cabinet emphasized Saudi Arabia’s position as a global fintech hub and its dedication to fostering joint international action for global development and prosperity. Additionally, the OPEC+ meeting outcomes were discussed, with the Kingdom and other members agreeing to extend voluntary production cuts until November 2024.
In conclusion, the Council of Ministers’ session highlighted Saudi Arabia’s leading role in international cooperation and its commitment to achieving the goals of Vision 2030. The Cabinet commended the Kingdom’s efforts to diversify its economy, expand its economic base, and carry out structural reforms. The session also discussed bilateral cooperation with Russia, regional and international developments, and Saudi Arabia’s participation in various meetings to promote progress and economic prosperity globally. The Cabinet made several decisions, including approving MoUs for cooperation in different fields with countries like Mauritania, Nicaragua, Uzbekistan, Paraguay, and Iraq, showcasing Saudi Arabia’s dedication to collaboration and partnerships with other nations.
