Crown Prince Mohammed bin Salman has confirmed the government’s commitment to enhancing economic growth, according to the Saudi Press Agency.
He stated that the budget for 2024, announced by King Salman, will help support various ongoing programmes and initiatives aimed at improving the investment environment, strengthening infrastructure, and raising the quality of services provided to citizens, residents, and visitors to the country.
Crown Prince Mohammed bin Salman further added that the budget aims to develop promising economic sectors by stimulating the Kingdom’s industrial sector, with a focus on increasing local content and boosting non-oil exports.
Additionally, he praised the critical role played by the Public Investment Fund and the National Development Fund in diversifying the Kingdom’s economy away from oil through significant investments in different economic sectors.
Crown Prince Mohammed bin Salman emphasised the various achievements made by the Kingdom in different sectors since the launch of Vision 2030.
He also highlighted the importance of introducing structural reforms in the financial sector and strengthening partnerships with the private sector to achieve the goal of economic diversification and increase job opportunities for the Saudi workforce.
According to the Saudi Press Agency, the number of Saudi workers in the labour market has reached 2.3 million this year. The crown prince also underlined the vital role that the tourism and sports sectors play in diversifying the economy of the Kingdom.
The government remains determined to continue its efforts to enhance the Kingdom’s attractiveness as an economic and investment hub for both local and foreign investors.
Meanwhile, Saudi Arabia plans to achieve seafood self-sufficiency by growing its aquaculture business as part of Vision 2030, a government-led socio-economic development strategy.
Saudi Arabia has a seafood supply shortage despite extensive fishing grounds along the Red Sea and Arabian Gulf shores. The country imported 215,000 metric tons of seafood in 2020, and consumption is rising.
Within Vision 2030, the Ministry of Environment, Water, and Agriculture expects to produce 600,000 tons of fish and seafood annually. NAQUA, the nation’s largest aquaculture enterprise, is crucial to this effort. The company expects to grow production from 60,000 to 250,000 tons by 2030, meeting 42% of the country’s production targets.