Saudi Cabinet Signs Mining Agreements with Jordan, Gabon, and Zimbabwe
In a move to boost the mining sector’s contribution to the country’s GDP, the Saudi cabinet has approved agreements with Jordan, Gabon, and Zimbabwe. Chaired by Crown Prince Mohammed bin Salman, the meeting also saw the rubber-stamping of various economic deals.
Economic Diversification in Focus
With a goal of increasing the mining sector’s GDP contribution to $70-80 billion by 2030, Saudi Arabia is pushing forward with its economic diversification plan. The Kingdom aims to reduce its reliance on oil revenue and has already seen non-oil economic activity contribute 50% to GDP in 2023.
International Cooperation and Development
In addition to the mining agreements, Saudi Arabia has signed cooperation deals with China, Singapore, and the African Civil Aviation Commission. These efforts align with the country’s goal of attracting investments, enhancing infrastructure, and fostering sustainable economic growth.
Advancing Key Sectors and Bilateral Agreements
The Cabinet also discussed finalizing agreements with Greece, Singapore, and Bahrain to enhance communication, information technology, human capital, and cultural cooperation. Financial statements for various government entities were also cleared, emphasizing the importance of strengthening friendship ties and promoting international security and stability.
Empowering the Workforce and Achieving Vision 2030 Goals
Efforts to increase participation of Saudi men and women in development initiatives, enhance workforce integration, and reduce unemployment to 7% by 2030 were commended during the meeting. The focus remains on advancing principles of development, progress, and cultural advancement across all sectors.