Time: August 29, 2018
Crown Prince, Prince Mohammed bin Salman, Deputy Prime Minister, Minister of Defense and Chairman of the Council of Economic and Development Affairs, succeeded during the first year of his appointment as crown prince in revamping the Saudi economy. The new economy will be based on the Kingdom’s abilities and invest in its competitive powers, which has helped it in unveiling its largest ever spending budget, dedicated to 2018.
On the occasion, Saudi Interior Minister Prince Abdulaziz bin Saud bin Nayef declared that Prince Mohammed’s successes on the political, economic, military, security, intellectual, cultural and social levels places Saudi Arabia on the doorsteps of modern countries. He has helped it occupy a prestigious standing among nations, while still preserving its Islamic principles and values and Arab identity.
Prince Mohammed, under the guidance of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, waged a war against terrorist organizations and extremist blocs and their financiers. This culminated in the formation of an unprecedented Arab and Islamic alliance against terrorism.
Coupled with wide international cooperation and understanding, the alliance was formed to counter terror, ISIS, al-Qaeda, the Muslim Brotherhood and Iran’s targeting of the Arab region.
“His efforts have been a success on various levels,” stressed the interior minister.
After a first year of his appointment as Crown Prince, economic figures and national programs demonstrate the new transformation witnessed by the Saudi economy. The Kingdom announced in this regard the launch of several significant programs, including ones on privatization and quality of life.
During his first year as Crown Prince, Prince Mohammed unveiled the NEOM project, one of the world’s largest projects that has invested in technology. He also invested in tourism, launching the Red Sea and Qiddiya projects.
National Guard Minister Prince Khalid bin Abdulaziz bin Ayyaf said King Salman was successful in appointing Prince Mohammed as his successor, saying the choice reflected the monarch’s wise vision that seeks Saudi Arabia’s national interests.
Deputy Governor of the Makkah region Prince Abdullah bin Bandar said: “Prince Mohammed taught us that ambition has no boundaries. He instilled in us a dream that has no limit and that can be achieved with determination.”
“He is leading us towards a prosperous future to achieve the Kingdom’s Vision 2030,” he stressed, while describing the young Crown Prince as the “engineer of the vision of development.”
He has left his mark on the local, regional and international scenes, while keeping an eye on internal development projects, continued Prince Abdullah.
During his first year as Crown Prince, Saudi Arabia succeeded through Vision 2030 in restoring balance in the oil markets. It managed to bolster cooperation between OPEC members and non-members. This led to a gradual improvement in oil prices and stability in the markets.
During Prince Mohammed’s first year as Crown Prince several leading global companies expressed their desire to invest in Saudi Arabia. The path was cleared for them after a multi-nation tour carried out by Prince Mohammed. Saudi Arabia boasts massive competitive standards that encourage investment.
Moreover, Saudi Arabia achieved a milestone in recent months when FTSE Russell promoted the Kingdom to Secondary Emerging market status. Morgan Stanley said it will soon take similar steps. These developments are a testament to the efficiency of the major economic reforms adopted by the Kingdom.
Furthermore, Prince Mohammed’s chairing of the Public Investment Fund has been an important factor in Saudi Arabia’s reaping of major financial profits as part of Vision 2030. Prince Mohammed worked tirelessly in developing an investment strategy for the Kingdom in order acquire projects that do not demand major economic risks.
Saudi Arabia also achieved positive results on the local and foreign levels due to King Salman’s support of the strategic plans presented by the Council of Economic and Development Affairs that is chaired by Prince Mohammed.