Saudi Arabia Confirms Continuing Economic Reform with High Efficiency

Saudi Arabia Confirms Continuing Economic Reform with High Efficiency

Tuesday, 13 February, 2018 - 14:15
Head of the Local Content and Private Sector Development Unit at the Saudi Council of Economic Affairs and Development Fahad al-Skeit. SPA
Riyadh- Asharq Al Awsat
Head of the Local Content and Private Sector Development Unit at the Saudi Council of Economic Affairs and Development stressed that his country’s economy is strong.

Fahad al-Skeit, who is also advisor to the General Secretariat of the Council of Ministers, stressed that the Kingdom is heading towards building a highly efficient economy for the future of the coming generations.

During his meeting with Chairman of the Council of Saudi Chambers Eng. Ahmed al-Rajhi and the heads of the national sectoral committees of the Council, Skeit said that the country has a clear plan to restructure the national economy according to ambitious programs aiming to put Saudi Arabia among developed countries in production, export and competition regionally and globally.

He said that vision 2030 holds many successes and its results are now visible to all economic sectors, stressing that it is a plan to restructure the economy and not to overcome a certain stage.

The Kingdom relies heavily on the private sector in the process of economic growth and considers it an essential partner, Skeit explained, adding that there is great consensus between the public and private sectors.

He also pointed out the most important topics on which the local content unit works on, which are the development of new mechanisms for contracts, procurement system to include conditions for the local content, the most important of which is the quality required in addition to the review of all obstacles facing the export process, including fees.

He said that this is a very positive step, which is transferring the government from suppliers to real partners.

Skeit also pointed to the local content and the issues discussed by the Crown Prince, and he expressed his optimism about what is done in this regard and the outputs that will result from it.

Any initiative and any point of view regarding the fees applied as a single system will be taken into consideration and its impact on the economy, in general, will be studied, Skeit stressed.

Editor Picks

Multimedia