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Thu 25 Oct 2018 02:00 PM

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Dubai ruler sees Saudi Arabia 'shaping global economy'

Sheikh Mohammed bin Rashid Al Maktoum praises the ambitious economic vision of Saudi Arabia

Dubai ruler sees Saudi Arabia 'shaping global economy'
Sheikh Mohammed attended the special session of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who reiterated his commitment to economic reforms.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has praised the ambitious economic vision of Saudi Arabia.

He said Saudi Vision 2030 makes the Gulf kingdom a "key player in shaping the future of the global economy".

He also applauded the vision of King Salman bin Abdulaziz Al Saud of Saudi Arabia to "boost international cooperation and constructive global dialogue to support sustainable development efforts regionally and globally".

Sheikh Mohammed’s remarks came as he attended the second day of Saudi Arabia’s Future Investment Initiative (FII) 2018 organised in Riyadh by the Public Investment Fund (PIF).

Sheikh Mohammed also attended the special session of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who reiterated his commitment to economic reforms.

He said that the Saudi economy has increased its non-oil revenue three-fold, adding that the kingdom’s economy will grow this year by up to 2.5 percent while the budget deficit will decline to 4.6 percent compared to 9.3 percent in 2017.

He also said that the next budget will be more than SR1 trillion, adding that capital expenditure is increasing.

Separately, Bahrain Crown Prince Salman bin Hamad Al Khalifa thanked the UAE, Saudi Arabia and Kuwait for supporting Bahrain in negotiating the challenges it faced recently, referring to a $10 billion financial aid package.

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