Saudi Gazette report

RIYADH — The Council of Ministers on Tuesday emphasized that Saudi Arabia and the OPEC + countries possess the capabilities and flexibility to respond to any changes in the oil market by taking necessary measures to support the oil market stability in the wake of reports about the impact of the outbreak of Coronavirus in China.

The weekly session of the Cabinet, chaired by Custodian of the Two Holy Mosques King Salman at Al-Yamamah Palace in Riyadh, expressed confidence that the Chinese government and the international community can put an end to this virus.

In a statement to the Saudi Press Agency following the session, Minister of Media Turki Al-Shabanah said that the Cabinet reviewed the Kingdom’s follow-up on the oil market developments. They assessed the potential impact of Coronavirus outbreak on the Chinese and global economy, including oil market balance.

At the outset of the session, the Cabinet was briefed on the meetings and discussions of the Kingdom’s delegation with senior officials and economic decision makers at the World Economic Forum in Davos, noting that these were focused on achieving sustainable development goals that contribute to the stability of global economy and the welfare of societies as well as finding solutions to global challenges.

The report reviewed the Kingdom’s leading and influential role in the stability of global energy markets, highlighting achieved reforms within the Kingdom’s Vision 2030 programs and its strategic priorities.

The report also reviewed the Kingdom’s developing strategic relations with WEF, in view of the Kingdom’s current presidency of the G20 Summit, highlighting that the group’s agenda are in line with that of the Kingdom.

Al-Shabanah said the Cabinet welcomed the cooperation announced by the Saudi Arabian General Investment Authority (SAGIA) through its partnership with the United Nations Conference on Trade and Development (UNCTAD) to hold the Global Foreign Direct Investment (FDI) Summit in Riyadh in October.

The summit will be held for the first time in the Middle East with 250 participants including experts and international decision makers.

The summit will be held within the framework of the Kingdom’s plans and endeavors to attract foreign investments with its great successes over two consecutive years that showed confidence in the Saudi economy, resulting in more than 1,130 foreign companies in 2019 entering the Saudi market, marking an increase of 45 percent over the year 2018.

The Council also highlighted the efforts made by the Saudi government to eliminate financial and administrative corruption and establish principles of transparency, justice and economic reform, and its reflection on global benchmarks, indicating in this context the progress made by the Kingdom in the Corruption Perception Index 2019 (CPI) and its progress among the G20 economies.

Al-Shabanah said the Cabinet emphasized the Kingdom’s call for utmost restraint, calm and dialogue, as well as its rejection of external interventions in Libya, violation of UN Security Council resolutions and the military escalation. The Cabinet also affirmed the Kingdom’s support for the Libyan people and respect for their will with standing at an equal distance from all Libyan parties.

The Cabinet approved a model guide for cooperation agreement between the Saudi Presidency of the State Security and its counterparts in other countries in the field of combating terrorism and its financing. The Council also decided to authorize the President of the State Security or his representative to negotiate with the relevant authorities in other countries with regard to discussing and signing the agreement.