Crown prince affirms government’s commitment to enhance economic growth

Saudi Arabia’s Crown Prince Mohammed bin Salman affirmed the government’s commitment to enhance economic growth through the expansion of government spending as reflected in budget 2024 on Wednesday, the Saudi Press Agency reported.

He said the budget announced by King Salman will help support various ongoing programs and initiatives to improve the Kingdom’s investment environment, strengthen infrastructure, and raise the quality of services provided to citizens, residents, and visitors to the country.

The crown prince said the budget seeks to develop promising economic sectors by stimulating the Kingdom’s industrial sector with a focus on increasing the local content and boosting non-oil exports.

He praised the role of the Public Investment Fund and the National Development Fund in helping diversify the Kingdom’s economy away from oil through major investments in different economic sectors.

Crown Prince Mohammed bin Salman also noted the achievements of the Kingdom in various sectors since the launching of Vision 2030 and the government’s efforts to introduce structural reforms in the financial sector.

The crown prince stressed the importance of strengthening partnerships with the private sector to achieve the goal of economic diversification and increasing job opportunities for the Saudi workforce.

The number of Saudi workforce in the labor market has reached 2.3 million this year, the Saudi Press Agency reported.

He also highlighted the role of the tourism and sports sectors in the Kingdom’s efforts to diversify its economy.

The crown prince expressed the government’s determination to continue with its efforts to increase the Kingdom’s attractiveness as an economic and investment hub for local and foreign investors.