Dr. Sahel N. Abduljauwad, Rector of King Fahd University of Petroleum & Minerals said “The Kingdom general budget for the fiscal year 1441-1442 AH (2020 AD) confirms the integrity of the economic approach adopted by our government led by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz - may God protect them, noting that the new budget continue to implement the economic reforms, diversify the sources of income, make optimal use of the available resources, enable the private sector, raise the level of transparency & efficiency of government spending, and enhance the rates of growth and development.
The new budget shows the Kingdom interest to move forward in the process of development and to achieve the goals of the Saudi Vision 2030, by supporting and enhancing the economic growth and financial stability, improving facilities and services, enhancing social protection programs, improving government services, and raising the quality of life.
Dr. Abduljauwad said that the new budget, accordance to its allocations, shows progress on the economic, development and social levels and it confirms, at the same time, the government's eagerness to continue implementing major spending plans, major projects and Vision realization programs, developing infrastructure and developing services provided to citizens.
The budget shown a remarkable growth in various economic sectors, creating an appropriate environment for investment, especially in the promising sectors, strengthening the legislative infrastructure, increasing the private sector's contribution to growth and employment, and enhancing its role as a strategic partner in the development process.
The new budget confirms the government's eagerness to provide job opportunities, and establish a strong economic base that increases development rates and pushes the economy towards new horizons of growth, development and prosperity.
Dr. Abduljauwad emphasized that the 2020 budget continues focusing on education sector, as SR 193 billion riyals has been allocated to education sector, which confirms the strong conviction of the role of this vital sector in developing and preparing the most important and most valuable wealth of society, which is human, to participate in the Kingdom revival and development.
Focusing on education in the 2020 budget will help in upgrading educational institutions, raising their internal and external efficiency, and paying more attention to quality and expanding in specializations of development priority.
He explained that the university hopes, through this budget, to develop its academic and research performance, to reach the optimal goals of its system of innovation, leadership and technology that has been initiated, develop the social role of the University and to implement its strategic vision in line with the Saudi Vision 2030. KFUPM will participate in achieving this vision through strengthening its leadership in the fields of energy, environment and water, and to expand the impact of innovation and entrepreneurship.
In conclusion, he prayed to Allah to preserve the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, His Royal Highness the Crown Prince, Prince Mohammed bin Salman bin Abdulaziz, and continue to preserve our country's security, stability and prosperity under the wise leadership of our government.