King Salman to Shura Council: Starting 2nd phase of Vision 2030 accelerates developments, reflects continued reforms

King Salman bin Abdulaziz

King Salman bin Abdulaziz inaugurated, on Dec. 29, the second year of the eighth session of the Shura Council, in the presence of Crown Prince Mohammed bin Salman.

In his speech to the Shura Council, King Salman said starting the second phase of Vision 2030 accelerates developments and reflects the Kingdom's continued reforms to achieve prosperity by creating a diversified economy to face international challenges.

"We have blessed by Crown Prince’s launch of many projects, with a future vision, which supports within its systems, sustainability, prosperity, innovation, and business leadership that provide job opportunities and achieve huge returns to the domestic product," the King said.

He added that the Kingdom's global position emanates from its Arab and Islamic status as well as its pivotal roles in international politics and commitment to covenants towards achieving security, peace, stability, and prosperity.

The government worked on developing the administrative mechanism to include all government institutions, services, and policies, which contributes to developing the competitive capabilities of the national economy, as well as improving the quality of services and raising their efficiency.

The National Investment Strategy, launched by Crown Prince Mohammed bin Salman on Oct. 11, is one of the important pillars to achieving the objectives of Vision 2030, through which investments exceeding SAR 12 trillion will be pumped into the local economy until 2030. These investments include initiatives and projects of Shareek Program, and corporate investments under the umbrella of the National Investment Strategy.

The national economy will witness an additional SAR 10 trillion of government spending through the state's budget and more than SAR 5 trillion in consumer spending.

The Public Investment Fund (PIF) announced its strategic plan, targeting investments worth SAR 3 trillion in the local economy until 2030. These important investments aim to achieve the targeted returns from the fund, support the economy and create opportunities for small and large private sector enterprises. It will also create more jobs for citizens. Therefore, the total expenditure will reach nearly SAR 27 trillion by 2030.