Crown Prince’s statement: Absolute transparency

Saudi Crown Prince Mohammed bin Salman’s recent statement to the Saudi Press Agency came with absolute transparency as he addressed a number of issues of concern to citizens.

Only someone who knows the critical time that the world is going through now will understand its significance.

It was a timely and exceptional statement of history, from the architect of sweeping economic reforms, in which he recounted the successes of the Saudi Vision 2030 in real numbers.

He is a role model for the Saudi people, supporting and motivating them as well commending them for doing a great job in achieving so much. He acknowledged that the Kingdom’s remarkable achievements would not have been possible without the faith and work of the people, who today have become pioneers in initiative, achievement and action.

Saudi Vision 2030 emphasizes absolute transparency and he openly addressed the corruption in Saudi Arabia during past decades which was like a cancer, consuming between 5 and 15 percent of the Kingdom’s budget.

With the implementation of reforms aimed at ensuring transparency at every level, such corruption is becoming a thing of the past.

The total proceeds of anti-corruption settlements have grown to some SR247 billion in the past three years, representing a fifth of total non-oil revenues, in addition to tens of billions of other assets, which will be recorded in revenues when they are liquidated, including real estate and stocks.

The crown prince illustrated that the Saudi government has undertaken extensive restructuring to boost non-oil revenues and is working hard to diversify the economy.

He said: “If we did not raise non-oil revenues to SR360 billion this year, we would be forced to reduce public sector salaries by more than 30 percent and cancel the allowances and bonuses.”

Non-oil revenues increased from SR100 billion in 2015 to SR360 billion in 2020, despite the impact of the pandemic on many non-oil sectors.

In the spirit of continued transparency he has instructed ministers to hold a periodic conference to discuss developments in government work, activate communication channels with all groups, and answer real questions.

It represents a significant new phase in communications between government and the people.

• Faisal Faeq is an energy and oil marketing adviser. He was formerly with OPEC and Saudi Aramco. Twitter:@faisalfaeq