23/04/2026 01:26 AST
Saudi Arabia's cabinet backed the Public Investment Fund's 2026-2030 strategy and approved a tax pact and cross-border deals, as non-oil exports rose 15 percent and digital readiness ranked first globally.
The cabinet, chaired by Crown Prince Mohammed bin Salman in Jeddah on April 21 on behalf of King Salman, pointed to the growth in non-oil exports as evidence that efforts to expand the Kingdom's economic base are gaining traction, the Saudi Press Agency reported.
The PIF strategy, aligned with the program's third phase, focuses on building competitive domestic sectors, increasing private sector participation and generating sustainable returns from sovereign investments.
The approvals underscore a coordinated push to strengthen investment flows, expand trade links and accelerate non-oil growth under Vision 2030.
In a statement to SPA following the session, Minister of Media Salman Al-Dosary stated that the cabinet reviewed developments in maritime traffic within the Strait of Hormuz.
"It emphasized that the Kingdom's decades-long investments in energy security and alternative export routes have bolstered its ability to supply the world with energy during the most challenging circumstances despite geopolitical tensions in the region and their subsequent repercussions on global supply chains," SPA reported, citing the minister.
Al-Dosary noted that the cabinet commended the historic performance recorded by non-oil exports in 2025, achieving annual growth of 15 percent compared with 2024, reflecting the success of national efforts to develop exports, expand the Kingdom's export base, and strengthen its position among the world's fastest-growing economies.
He added that it also underscored the Kingdom's first-place global ranking in the International Telecommunication Union's digital readiness framework as confirmation of Saudi Arabia's position as a leading hub for the digital economy and artificial intelligence, and an attractive destination for investment and innovation.
The minister said the cabinet also addressed other items on its agenda and issued several decisions, including approving an agreement between Saudi Arabia and China on mutual visa exemption for holders of diplomatic, special, or service passports.
Among the key economic decisions, the cabinet approved a double taxation avoidance agreement with Bahrain, aimed at facilitating cross-border investment, as well as air transport agreements with Antigua and Barbuda, Cape Verde and Costa Rica to enhance connectivity and trade.
It also approved a memorandum of understanding for cooperation in the roads sector between the Saudi Roads General Authority and the Egyptian National Institute of Transport, along with an MoU for tourism cooperation between the Saudi Ministry of Tourism and the Belizean Ministry of Tourism, Youth, Sports, and Diaspora Relations.
The cabinet also endorsed an MoU on economic cooperation between the Saudi Ministry of Economy and Planning and the Guinean Ministry of Planning and International Cooperation, and another on promoting direct investment between the Saudi Ministry of Investment and the Bahrain Economic Development Board.
Domestically, the cabinet approved regulations for the Non-Oil Revenues Development Center and confirmed the alignment of the fiscal year with the calendar year from January to December, steps aimed at improving fiscal management and revenue diversification.
The government will continue to bear temporary work visa fees for seasonal workers supporting Hajj and Umrah services this year, as part of efforts to facilitate pilgrimage operations.
Arab News
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