Saudi Economic Affairs Council Follows up Performance of Vision 2030 Programs

File photo: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz chairs a meeting of the Council of Economic and Development Affairs (Asharq Al-Awsat)
File photo: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz chairs a meeting of the Council of Economic and Development Affairs (Asharq Al-Awsat)
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Saudi Economic Affairs Council Follows up Performance of Vision 2030 Programs

File photo: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz chairs a meeting of the Council of Economic and Development Affairs (Asharq Al-Awsat)
File photo: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz chairs a meeting of the Council of Economic and Development Affairs (Asharq Al-Awsat)

Saudi Arabia’s Council of Economic and Development Affairs reviewed the performance of the Vision 2030 realization programs for the second quarter of this year during a video conference on Wednesday.

The council was briefed on a periodic report from the Ministry of Economy and Planning, which provided an analysis of global economic developments, including interest rate reductions and their effects on major and emerging economies.

Additionally, the council examined a presentation from the Strategic Management Office on the performance report for the Vision 2030 realization programs during the second quarter of 2024. The report highlighted key achievements, strategic objectives, an assessment of the initiatives, and a comprehensive overview of performance, along with future aspirations. The report noted continuous progress across the three main pillars of Vision 2030: a vibrant society, a thriving economy, and an ambitious nation.

Recent indicators show sustained significant progress across all pillars. The total value of foreign direct investment (FDI) inflows into the Kingdom's economy reached approximately SAR19.4 billion, according to a recent report from the General Authority for Statistics (GASTAT). The report also revealed a 23.4% increase in net FDI inflows during the second quarter compared to the first quarter, totaling SAR11.7 billion.

In another positive sign, the unemployment rate for Saudi nationals dropped to a historic low of 7.1%, approaching the Vision 2030 target of 7%.

In the area of non-oil exports, a 19% increase was recorded in July 2023 compared to the same month in 2022. Furthermore, the Ministry of Justice’s electronic services index exceeded its target, reaching 108% during the second quarter of 2023.

Regarding the performance of public agencies, which saw an 83% achievement rate in Vision 2030 targets, the council reviewed a presentation from the National Center for Performance Measurement, detailing the work of public agencies and future plans to enhance national strategies.

The council also reviewed other reports and topics, including an executive summary of consumer and wholesale prices for July, a summary of the consumer price index for the same month, and a foreign trade report for June.



Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
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Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the Advantage Oman Forum is a valuable opportunity offered by Oman to discuss and review investment opportunities and initiatives, as well as future transformations in promising sectors in this field.
This came during Albudaiwi's participation in the first edition of the Advantage Oman Forum, which was held under the patronage and attendance of Omani Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al Said, and in the presence of a number of ministers of the GCC countries, Sunday in Muscat. A group of senior officials and decision-makers participated in the forum, SPA reported.
The Secretary-General stated that Oman's Organisation of this forum reflects the insightful vision of the wise Omani leadership to strengthen the national economy and attract global investments, thus contributing to achieving sustainable development goals. He also praised the forum's activities and the workshops as well as the dialogue sessions it included, which provide the elements of success and sustainability for this forum, making it a regional and international platform and a destination for those interested in economic and investment affairs in Oman.
Furthermore, Albudaiwi added that Oman, with its attractive investment environment, advanced infrastructure, well-thought-out economic policies and significant economic, in addition to investment growth indicators, has become a destination for investors from around the world, stressing that this strengthens its position as a key pillar in the economies of the GCC countries and supports the council's aspirations for regional economic integration.
The Secretary-General concluded his statement by expressing his confidence that the forum will achieve positive results that will contribute to expanding the horizons of economic and investment cooperation between the GCC countries and the world, and support the comprehensive development process in the region.