ICC Chairperson: 2018 State Budget Drew International Attention

Chairperson of the International Chamber of Commerce (ICC) at the Council of Saudi Chambers, and representative of the World Chambers Federation in G20, Yassin Al Srour, conveyed the appreciation of the local and international business communities to the Saudi leadership, embodied in King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman following the announcement of the Kingdom’s budget for the year 2018.

He stated that the 2018 budget, considered the largest in the Kingdom’s history with public expenditure of SAR 1.1 trillion, attracted the attention of the international business community, which has been keen on the announcement and what it will hold for international investors, adding that it is an indication of the influence of Saudi economy as a G20 member.

Al Srour attributed the keenness of leading international investors to the advancement of Saudi economy in indicators pertaining to ease of doing business and investment environment, and its economic reforms as reflected in the Saudi Vision 2030 and National Transformation Program 2020. He added that the financial policies for the upcoming year are focused on attracting foreign direct investments as part of the efforts to enhance economic diversification and reduce oil reliance as a source of income.

The ICC Chairperson expressed his trust in the new budget and current prosperity in national economy to enhance the influence of ICC and likeminded entities in international areas and further strengthen Saudi Arabia’s negotiations in international economic affairs.