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  • Ahmed Saleh

Crown Prince Mohammed bin Salman praises 2024 budget, commits to diversifying economy

Riyadh, December 06, 2023, In response to the approval of the 2024 budget, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, expressed appreciation for the Kingdom's achievements under Vision 2030. HRH the Crown Prince commended the government's dedication to implementing structural reforms, fostering economic growth, and realizing the vision's goals.


Highlighting the positive impact of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud's directives on non-oil GDP growth, HRH the Crown Prince praised the 2024 budget's focus on accelerating sustainable economic growth. The budget reflects a commitment to expanding government spending, supporting infrastructure development, enhancing services, and boosting promising economic sectors.


HRH the Crown Prince emphasized the role of the Public Investment Fund (PIF) and the National Development Fund in advancing economic initiatives. The continued development of public financial performance, increased financial capacity, and building government reserves are key elements in ensuring the Kingdom's economic resilience.


The increase in spending, according to HRH the Crown Prince, aims to elevate public services, implement strategic projects, and drive structural changes. HRH underscored the importance of public-private partnerships to stimulate economic diversification, provide employment opportunities, and attract both domestic and foreign investors.


In the pursuit of economic diversification, HRH the Crown Prince highlighted key sectors, including tourism, sports, and industry. The Kingdom aims to attract 150 million visitors by 2030, enhance the sports sector through investment and privatization, and triple industrial domestic production by 2030.


The role of the Public Investment Fund in supporting economic diversification and the importance of the National Development Fund were reiterated by HRH the Crown Prince. The commitment to global security and stability, along with contributions to global economic development, reflects the Kingdom's leadership on the international stage.


In conclusion, HRH the Crown Prince reaffirmed the Kingdom's determination to enhance economic appeal, attract investors, and diversify all economic sectors in the medium to long term. The 2024 budget aligns with these goals, emphasizing the Kingdom's commitment to sustained economic growth and development.


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