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- Deals are part of Saudi Arabia’s ongoing economic diversification plan
- Cabinet also discussed the Kingdom’s stable inflation rate of 1.5% in July
RIYADH: A number of key agreements signed with the UK, Malaysia, and Jordan received approval from the Saudi Cabinet, as Saudi Arabia strengthens its international partnerships under Vision 2030.
The deals, ratified during a meeting chaired by King Salman, include a memorandum of understanding between the Kingdom and the UK to boost direct investment, the Saudi Press Agency reported.
The deal is set to enhance economic ties and support the Kingdom’s goal of attracting foreign investment.
The Cabinet also ratified a cooperation deal between Saudi Arabia’s Oversight and Anti-Corruption Authority and its Malaysian counterpart, underscoring the Kingdom’s commitment to enhancing governance and transparency.
An MoU with Jordan on social insurance cooperation was also finalized, further strengthening bilateral ties.
These agreements are part of Saudi Arabia’s ongoing economic diversification plan, which seeks to reduce dependence on oil revenues by increasing foreign investments across various sectors.
The Cabinet also reviewed a range of domestic issues, including the performance of government agencies and initiatives aimed at improving digital platforms, service quality, and operational efficiency.
The discussions underscored the Kingdom’s focus on enhancing the business environment, improving quality of life, and boosting global competitiveness.
In a separate development, the Cabinet approved a program to develop Riyadh’s ring roads and main roads, a project designed to accommodate the city’s rapid growth and improve traffic flow.
The initiative is integral to Riyadh’s broader urban development plan, reflecting its status as a major global capital.
The Cabinet also discussed the Kingdom’s stable inflation rate of 1.5 percent in July, attributing this to effective measures taken to manage global price increases. This stability highlights the resilience of Saudi Arabia’s economic strategies.
In addition to these approvals, the Cabinet reviewed and sanctioned financial statements for key government entities, including the General Authority for Survey and Geospatial Information and the Digital Government Authority. These actions reinforce the government’s commitment to transparency and accountability.
The meeting concluded with a reaffirmation of the Cabinet’s commitment to Vision 2030 goals, particularly in increasing workforce participation and reducing unemployment to 7 percent, as well as promoting international security, development, and cultural advancement.