عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Economic and Development Affairs Council Discusses Report on Performance of State Budget

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

Saudi Economic and Development Affairs Council Discusses Report on Performance of State Budget

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

Saudi Arabia’s Economic and Development Affairs Council has held a meeting via videoconference, discussing several issues, including the performance of the state budget, the Saudi Press Agency reported Saturday.
At the beginning, the council reviewed the quarterly economic report of the Ministry of Economy and Planning, which includes an analysis of key global economic developments, and the national economic progress. The Kingdom saw positive economic growth of 2.8% in the third quarter, SPA said.
The report addresses future national economic forecasts issued by relevant government entities, international funds, and agencies, as well as proposed insights and recommendations to address global economic challenges.
The council also reviewed the third-quarter report submitted by the Ministry of Finance, on the performance of the state budget for fiscal year 2024. The report includes a detailed overview of financial performance up to the end of the third quarter, covering revenue, expenditure, and public debt indicators.
It highlighted results reaffirming the Kingdom's continued support for development projects, strengthening social care and protection systems, and advancing the implementation of major projects and programs under Saudi Vision 2030.
This underscores the effectiveness of structural economic reforms, efforts in economic diversification, and the systematic approach aligned with the Saudi Vision 2030.
The council also reviewed the report of Ministry of Commerce presentation, regarding the report of Standing Committee for Price Monitoring for the third quarter of 2024.
The report addresses the roles of the entities participating in the committee, key insights during the specified period, global price trends, an overview of consumption patterns, price and inflation indicators in the Kingdom, and details regarding consumer goods prices in the third quarter. Moreover, it outlines the measures taken to ensure the availability of goods and strengthen stockpiles to maintain price stability.
The council made the necessary decisions and recommendations.

Most Viewed

 
 
Business

Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
TT
TT

Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.