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Saudi Economic Council Reviews Progress in Vision 2030 Implementation

Saudi Arabia’s economy continues to grow, supported by resilient non-oil activities. (SPA)
Saudi Arabia’s economy continues to grow, supported by resilient non-oil activities. (SPA)
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Saudi Economic Council Reviews Progress in Vision 2030 Implementation

Saudi Arabia’s economy continues to grow, supported by resilient non-oil activities. (SPA)
Saudi Arabia’s economy continues to grow, supported by resilient non-oil activities. (SPA)

The Saudi Council of Economic and Development Affairs (CEDA) held a virtual meeting to evaluate the Kingdom’s economic performance and monitor the progress of programs driving the country’s ambitious Vision 2030 strategy.

The meeting began with a presentation of the July 2025 Economic Report, submitted by the Ministry of Economy and Planning. The report provided a detailed overview of global economic developments, including key risks and challenges, as well as forecasts for Saudi Arabia’s domestic economy through the second half of 2025 and into 2026.

It highlighted continued growth in the Kingdom’s economy for the fourth consecutive quarter, largely driven by robust performance in non-oil sectors. Notably, the Purchasing Managers’ Index (PMI) rose to its highest level in three months, signaling strong business confidence and expansion.

The council also reviewed the quarterly performance report on Vision 2030 realization programs and national strategies, presented by the Strategic Management Office. This assessment detailed the progress of implementation efforts, the degree to which strategic goals are being met, and the level of execution across various initiatives.

It also evaluated the impact of national and sectoral strategies, spotlighted key achievements, and outlined ongoing efforts and future expectations. These findings underscore the Kingdom’s continued progress toward the Vision’s three core pillars: building a vibrant society, fostering a thriving economy, and nurturing an ambitious nation.

In its broader oversight role, the council examined the first-quarter performance of public sector institutions, based on a report from the National Center for Performance Measurement (Adaa).

The report highlighted improvements across key performance indicators, the result of concerted efforts to support and empower government entities in meeting their objectives.

Additionally, the council reviewed a separate update from its Project Management Office, which tracked the implementation of decisions and recommendations issued during the second quarter. This included a detailed breakdown of outcomes, implementation statuses across relevant government agencies, and updated statistics on progress levels.

The council also considered a wide range of additional topic, namely proposed organizational arrangements for the National Events Committee, the structural and operational framework of the Ministry of Economy and Planning, and a development strategy for the Asir region.

Furthermore, members reviewed a report focused on streamlining and accelerating the process for launching capital projects, along with the executive summary of the quarterly GDP bulletin and national accounts. The meeting also included briefings on the monthly consumer and wholesale price indices.

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Business

European Gas Prices Jump 35% after Strikes on Energy Infrastructure

Notes read “Out of Stock” at the New World Fuel station in Levin, New Zealand, on March 19, 2026. (Photo by Marty MELVILLE / AFP)
Notes read “Out of Stock” at the New World Fuel station in Levin, New Zealand, on March 19, 2026. (Photo by Marty MELVILLE / AFP)
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European Gas Prices Jump 35% after Strikes on Energy Infrastructure

Notes read “Out of Stock” at the New World Fuel station in Levin, New Zealand, on March 19, 2026. (Photo by Marty MELVILLE / AFP)
Notes read “Out of Stock” at the New World Fuel station in Levin, New Zealand, on March 19, 2026. (Photo by Marty MELVILLE / AFP)

European gas prices soared as much as 35 percent on Thursday as fresh strikes hit energy infrastructure in the Middle East.

The Dutch TTF natural gas contract, considered the European benchmark, jumped to 74 euros, before paring gains slightly.

Two waves of Iranian strikes caused "extensive damage" at Ras Laffan in Qatar, the world's largest liquefied natural gas hub, raising fresh concerns over energy supplies.

Oil and gas prices have jumped since the US-Israeli attacks on Iran began.

Business

EU Pitched for Türkiye to Join Its Payments System, Envoy Says

This photograph shows European flags fluttering outside the EU Commission headquarters in Brussels on March 18, 2026. (AFP)
This photograph shows European flags fluttering outside the EU Commission headquarters in Brussels on March 18, 2026. (AFP)
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EU Pitched for Türkiye to Join Its Payments System, Envoy Says

This photograph shows European flags fluttering outside the EU Commission headquarters in Brussels on March 18, 2026. (AFP)
This photograph shows European flags fluttering outside the EU Commission headquarters in Brussels on March 18, 2026. (AFP)

The European Union pitched to Türkiye last month the idea that the candidate for bloc membership could join a cost-cutting payments system to boost integration efforts and benefit those sending money abroad, the EU envoy to Ankara told Reuters.

Jurgis Vilcinskas, the bloc's chargé d’affaires in Türkiye, said European Commissioner for Enlargement Marta Kos discussed the proposal with Foreign Minister Hakan Fidan, when the two met last month in Ankara.

The EU says its 41-country Single Euro Payments Area (SEPA) makes cross-border ‌euro-currency payments cheaper, ‌faster and more secure. Users in far smaller ‌Balkan ⁠candidates Albania, Moldova, Montenegro ⁠and North Macedonia, which adopted the scheme last year, could save up to 500 million euros, it said.

"SEPA could present a valuable opportunity to strengthen Türkiye's economic integration as a candidate country and a key trade and economic partner of the EU," Vilcinskas told Reuters in a response.

It could generate "significant savings annually for Turkish businesses, ⁠consumers and diaspora by making cross-border transfers in Euros ‌as fast and as cheap as ‌domestic ones," he said.

Ankara's view on the matter is unclear.

A Turkish diplomatic source ‌confirmed that during Kos' February 6 visit an offer had been conveyed ‌to Ankara, adding the SEPA issue was under the jurisdiction and coordination of the Finance Ministry, which did not comment on the matter.

STEPS EYED TO BOLSTER ECONOMIC TIES

Under SEPA, Turkish banks could stand to lose revenues on transfers, which ‌vary widely based on size. A Türkiye-Europe transfer of 1,000 euros to 5000 euros can cost 40 euros, according ⁠to Western ⁠Union.

Europe is Türkiye’s largest trading partner with more than 200 billion euros in volume. With bloc membership talks effectively stalled for years, both say they want to modernize their customs union and move to boost economic ties.

Vilcinskas said Türkiye would need to comply with the EU's Payment Services Directive, including strengthening its anti-money laundering and data protection rules, adding that the Commission was ready to support Türkiye in any SEPA endeavor.

SEPA could bring "significant" savings, especially for the large Turkish diaspora across Europe, a Turkish banking source said.

In an interview this month, Odile Renaud-Basso, president of the European Bank for Reconstruction and Development, said SEPA would "basically make transactions cost-free".

Business

Crude Prices Surge, Stocks Sink as Iran Warns of Regional Energy Strikes

A pumpjack stands at the Inglewood Oil field in Los Angeles, California on March 17, 2026. (Photo by Patrick T. Fallon / AFP)
A pumpjack stands at the Inglewood Oil field in Los Angeles, California on March 17, 2026. (Photo by Patrick T. Fallon / AFP)
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Crude Prices Surge, Stocks Sink as Iran Warns of Regional Energy Strikes

A pumpjack stands at the Inglewood Oil field in Los Angeles, California on March 17, 2026. (Photo by Patrick T. Fallon / AFP)
A pumpjack stands at the Inglewood Oil field in Los Angeles, California on March 17, 2026. (Photo by Patrick T. Fallon / AFP)

Oil surged more than five percent Thursday and stocks sank as Iran carried out a series of attacks on Gulf energy facilities and warned of more following a strike on one of its key gas fields, while warnings of higher US inflation also soured the mood.

After spending much of Wednesday hovering around $100, crude soared as Tehran threatened to target regional installations in reply to what it said was an Israeli hit on a site serving its massive South Pars field, which it shares with Qatar.

Abu Dhabi later shut down operations at a gas facility due to falling debris from missile interceptions, while Qatar's Ras Laffan site was hit, with QatarEnergy saying emergency teams had been "deployed immediately to contain the resulting fires".

Iranian state television later said Thursday that a missile struck the site again, which QatarEnergy said caused extensive damage.

Qatar has ordered several Iranian diplomats to leave the country.

Meanwhile, the UN nuclear watchdog said Iranian authorities had reported a projectile impact at the country's only operational nuclear power plant but that it caused no damage.

"We warn you once again that you made a big mistake in attacking the energy infrastructure of the Islamic republic," the Revolutionary Guards said in a statement carried by Iranian media.

"If it is repeated again, further attacks on your energy infrastructure and that of your allies will not stop until it is completely destroyed."

And President Masoud Pezeshkian wrote on X that the attacks on South Pars "will complicate the situation and could have uncontrollable consequences, the scope of which could engulf the entire world".

Brent spiked more than five percent to hit a peak of $112.86, while West Texas Intermediate was sitting around $99.

The increased tension hit equities, which had enjoyed a broadly positive start to the week thanks to a fresh rally in tech firms.

Tokyo and Seoul, which had been the best performers between the start of the year and the start of the war, both sank more than two percent.

Hong Kong, Shanghai, Sydney, Singapore, Taipei, Wellington and Jakarta were also well down.

After talks with US President Donald Trump and Qatar's emir, French President Emmanuel Macron said on X: "It is in the common interest to implement without delay a moratorium on strikes targeting civilian infrastructure, particularly energy and water infrastructure."

Markets have been hammered since the US-Israel attacks on Iran on February 28 that sparked a wave of retaliatory strikes across the Gulf by Tehran. The Iranian republic also effectively closed the Strait of Hormuz, through which a fifth of global oil and gas flows.

That has sent crude soaring, stoking fears of another surge in inflation.

And while the White House unveiled new steps Wednesday to try to counter the spike in energy costs prices, waiving a century-old shipping law and easing Venezuela sanctions, observers said the measures were nowhere near enough.

The attacks shook up energy markets, which had seen a period of stability this week helped by Iraq saying it had resumed limited oil exports through Türkiye to avoid the Strait of Hormuz.

The strategic waterway usually sees a fifth of global oil pass through it but Iran has effectively shut it since the outbreak of the war, with attacks on ships.

Expectations that the spike in energy costs would send inflation soaring again has seen traders pare their expectations for central bank interest rate cuts this year.

Those concerns were compounded Wednesday with data showing US wholesale inflation rose more than expected in February.

Later, Federal Reserve Chair Jerome Powell said he expected higher energy prices to boost inflation in the near term but added that little was clear at this point.

"We're right at the beginning of this, and we don't know how big -- you just don't know how big this will be and how long it lasts," he said after the bank held interest rates. Officials would have to "wait and see", he said.

Eyes are also on decisions Thursday by the European Central Bank, the Bank of England and the Bank of Japan.

Australia's central bank hiked its key rate Tuesday, pointing to "sharply higher fuel prices".