Custodian of the Two Holy Mosques Chairs Cabinet's Virtual Session

NEOM, January 26, 2021, SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Prime Minister, chaired today the Cabinet's virtual session. At the outset of the session, the Cabinet considered the coming five-year strategy of the Public Investments Fund, which was approved by the fund's board of directors, held under the chairmanship of His Royal Highness the Crown Prince, a key pillar for implementing the Kingdom's aspirations towards economic growth, upgrading the quality of life and achieving the concept of inclusive and sustainable development in all traditional and modern sectors to complete its previous giant investment and economic gains. These gains enabled the fund to reach important strategic goals and occupy a leading position on the world map as a pioneering sovereign fund able to invest, and manage huge capitals in diversified markets. In this regard, the Cabinet lauded the contents of the HRH the Crown Prince speech, citing promising visions of a prosperous future for the Kingdom in which the fund contributes to the support the development march and continues to stimulate the growth and diversification of the economy through a number of targets. Most important of which are pumping at least SAR 150 billion annually in the domestic economy at an increasing rate until 2025 and contributes, through the subsidiaries affiliated to the fund, to the non-oil GDP at a cumulative amount of SARR 1.2 trillion so that the assets size would surpass SAR 4 trillion by the end of 2025 and creating 1.8 million jobs directly and indirectly. In a statement to Saudi Press Agency (SPA) following the meeting, Acting Minister of Media Dr. Majid bin Abdullah Al-Qasabi said that the Cabinet was briefed on the latest developments of coronavirus pandemic locally and internationally, citing the recorded cases statistics in the Kingdom and the relevant indexes. The Cabinet was also briefed on a number of reports on the comprehensive and integrated efforts being exerted by the competent authorities to increase the levels of preventive measures against the virus and provide all necessary tools to preserve the health and safety of citizens and expatriates and the most highest degrees of health security coinciding with control on the health and precautionary measures. The Cabinet pointed to the Kingdom world class advances achieved, in terms of the universities' endeavors to disseminate Coronavirus related researches, as it sustained its standings, ranking 1st among the Arab Countries, 14th in the world and 12th within the G20 member states. This embodies the continuous support accorded by the leadership to education as well as the attention it paid to research and innovation, in completion of the great efforts exerted by the Kingdom to combat Coronavirus pandemic, reflecting its potentials and prestige in dealing with crises. Dr. Al-Qasabi indicated that the Cabinet reviewed the latest developments regionally and internationally, reiterating the Kingdom's strong condemnation and denunciation of the twin suicide bombing in Baghdad, affirming a categorical rejection of terrorism in all its forms and manifestations, and standing in solidarity with the brotherly Republic of Iraq against what threatens its security and stability. The Cabinet noted the security apparatus efforts in tracking down criminal networks' activities that used to smuggle narcotics into the Kingdom and the contribution of the General Directorate of Narcotics Control, in protecting the society's individuals from the harms of drugs, following foiling an attempt to smuggle 20 million tablets of narcotic Amphetamine. --SPA