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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
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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.

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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, the transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables, the statement said.

“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”

“The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,” he added.