Crown Prince: Current conditions demonstrate resilience of national economy, sustainability of public finances

Crown Prince Mohammed bin Salman

On behalf of King Salman bin Abdulaziz, Crown Prince Mohammed bin Salman today inaugurated the proceedings of the third year of the ninth session of the Shura Council.

The Crown Prince delivered the annual royal address, stressing that the events currently unfolding in the region demonstrate that long-term planning does not mean rigidity or stagnation, but rather the ability to adapt to changing circumstances.

Amid the successive transformations taking place around the world, the importance of reforms that have strengthened economic diversification has become increasingly evident. These reforms have enhanced the Kingdom’s ability to deal with crises, successfully turn threats into opportunities to strengthen its position, and pursue its development priorities efficiently and sustainably, he added.

The Crown Prince also noted that the current circumstances demonstrate the resilience of the national economy, the maturity of its businesses and capabilities, the strength of state institutions, and the sustainability of public finances.

“Ten eventful years of Saudi Vision 2030 have delivered significant progress, with performance indicators for the Vision’s programs and strategies achieving 93% of their targets, thanks to the performance and efficiency of Saudi men and women, who have been at the heart of every success,” said the Crown Prince.

Non-oil exports grew by 155% compared with 2016, reflecting the growing presence of products from this sector. The private sector’s contribution to the economy increased to 51%, while the transport and logistics system demonstrated its ability to adapt to changes in supply chains and maintain the smooth flow of goods and services, he added.

The Crown Prince further stated that the Kingdom is making global advances across numerous indicators, ranking first in the Digital Readiness Index, the Telecommunications and Technology Development Index, and the Global Cybersecurity Index. It also ranks second in the Digital Government Maturity Index and has entered the list of the world’s 10 most attractive countries for mining investment.

"Alongside our success in reducing unemployment rates, we are investing in human capital to maximize opportunities for citizens to enter the labor market and enable them to compete and excel across all fields, making them the driving force behind development,” he said.

The Crown Prince also highlighted that reforms in the real estate sector have resulted in providing citizens with multiple housing options, enhancing the efficiency of the real estate market, and increasing homeownership rates.

“We will continue working to address the challenges facing this sector and proceed with taking steps that serve the interests of citizens in all aspects of their lives, without compromising development or the resources of future generations, while ensuring the Kingdom’s financial and economic stability,” said the Crown Prince.

He stressed that, while the world is facing an open-ended energy crisis, the Kingdom has served as a safeguard for global energy security, thanks to its ability to provide oil supplies to international markets despite the escalation.