Saudi Arabia’s King Salman said in a major speech today that Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, Reuters reports.
“The kingdom is committed to implementing programs to diversify sources of income and decrease dependence on oil as a main source of revenue…Our vision for economic reform focuses on raising the efficiency of government spending, taking advantage of economic resources and increasing returns on government investments.”
The speech was given to the Shura Council at the Council’s headquarters in Riyadh on Wednesday. Saudi Arabia’s Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman attended.
On foreign policy, King Salman said that Saudi Arabia “proceeded in its foreign policy on firm principles committed to international covenants, defending Arab and Islamic issues, aiming to fight terrorism and achieve security and stability in the world, and seeking to unite the ranks to confront the risks and challenges surrounding Arab and Islamic nations.”
According to Reuters, Salman again called for a political settlement to the war in Syria, adding that Riyadh wanted to preserve Syria as a unified nation incorporating all its religious sects.
