RIYADH — The Council of Ministers on Tuesday said Saudi Aramco's initial public offering (IPO) on the domestic stock market is a clear proof of the global status of the Saudi financial markets. Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet at Al-Yamamah Palace in Riyadh. In a statement to the Saudi Press Agency following the session, Minister of Media Turki Al-Shabanah said the Cabinet considered Saudi Aramco's floatation of some of its shares on the Saudi Stock Exchange (Tadawul) as strengthening its pivotal role in the Kingdom as well as in the global economy, contributing to meeting the global demand for energy and maintaining secure global supplies. "It is an essential step towards achieving the Kingdom's Vision 2030 and making initiatives identified in the National Transformation Program, and a proof of the international status of Saudi financial markets," the statement said. Al-Shabanah said the Cabinet reviewed the preliminary statement of the state budget for the fiscal year 2020, as well as the performance of public finance during 2019 and financial and economic targets for 2020. The Cabinet also examined the most important initiatives and programs that are to be implemented in 2020, within the framework of the Vision 2030, in a way achieving a balance between maintaining financial sustainability and promoting economic growth and development. The Cabinet commended the preliminary economic results and indicators of the remarkable progress in real gross domestic product (GDP) with growth rates during the first half of 2019, supported by the growth of the non-oil sector, as part of the Kingdom's quest to remain immune to local and global challenges. The Council lauded the activities of the Future Investment Initiative (FII) 2019 which was attended by a number of heads of states, prime ministers and government officials from the Arab world as well as from Asia, Africa, the Americas and Europe, in addition to 300 prominent business leaders and executives of international companies from over 30 countries. The Cabinet commended FII's discussions, focusing on global economic trends, the future of the international investment environment, and the signing of agreements, memoranda of understanding and cooperation in various fields which confirm confidence in the Kingdom's economy and investment climate and reflect its strength and durability at the regional and international levels. The Cabinet also reviewed the statement of the Foreign Ministers of the Mini-Group on Syria, welcoming the launching of the meetings of the Syrian Constitutional Committee in Geneva, describing them as a positive step requiring a substantial commitment to reach their intended goal and their support for efforts aimed at political settlement of the crisis under the UN Security Council Resolution 2254. The Mini-Group consists of Saudi Arabia, United States, United Kingdom, France, Germany, Egypt and Jordan. The Cabinet welcomed the announcement of the Presidency of State Security and its partners in the Terrorist Financing Targeting Center regarding imposition of sanctions on 28 companies, banks, and individuals for their link to Iranian regime's networks supporting terrorism in the region. The Cabinet considered the announcement as an active effort to expand and strengthen cooperation among the seven countries in combating terror funding and coordinating procedures to block the funding. Al-Shabanah said the Cabinet approved the request of Saudi Arabian Monetary Authority (SAMA) to give it powers to establish a wholly-owned Saudi joint stock company, which can own all national payment systems, operates and develops them, and creates infrastructure and operational environment for all national payment systems so as to enable all government and commercial sectors to benefit from this.
