RIYADH: The Saudi Cabinet has initially approved the national general framework and guiding principles for foreign direct investment, setting the stage for enhanced economic engagement with international organizations.
The session, chaired by Crown Prince Mohammed bin Salman, addressed significant developments on both domestic and international fronts, according to the Saudi Press Agency.
The Kingdom’s foreign direct investment inflows reached SR96 billion ($25.6 billion) in 2023, marking a 50 percent annual increase from the previous year.
The crown prince briefed the Cabinet on his recent discussions with leaders from several allied countries, focusing on bolstering ties across diverse sectors.
The Minister of Media, Salman Al-Dossary, highlighted that among these decisions the Cabinet authorized Saudi Arabia’s accession to the Cement and Concrete Breakthrough Initiative, launched on the sidelines of the UN Climate Change Conference.
This aligns with the Kingdom’s sustainability goals and commitment to the global climate agenda.
The Cabinet also approved an agreement with Qatar to avoid double taxation and prevent tax evasion.
This move underscores the Kingdom’s dedication to fostering economic cooperation within the Gulf region, facilitating smoother cross-border investments, and enhancing transparency in financial dealings.
In line with advancing Saudi Arabia’s capabilities in science and technology, the Cabinet also endorsed a framework agreement with the US to cooperate in civil aviation navigation and the peaceful exploration of outer space.
Additionally, the Cabinet also reviewed regional and international developments, with the crown prince briefing members on recent discussions with various heads of state focused on strengthening ties across multiple sectors.
The meeting highlighted the Kingdom’s efforts in regional peace initiatives, its commitment to global health challenges through the G20 platform, and recent advancements in the tourism sector.
During the session, the Cabinet commended the outcome of the second ministerial meeting of the Saudi-Indian Strategic Partnership Council economic and investment committee, highlighting the progress toward achieving the two countries’ shared goals.
This was mainly in the fields of industry, infrastructure, and technology, as well as agriculture, food security, climate sciences, and sustainable transportation.
Domestically, the Cabinet underlined the Kingdom’s significant advancement of 15 places in the 2023 international tourist revenue rankings compared to 2019, leading the top 50 rankings in an upward movement.
This achievement underscores the country’s global leadership and ongoing success in the tourism sector.
