CEDA reviews role of reforms in diversification of economy and surge in non-oil revenues
Saudi Gazette report
JEDDAH — The Council of Economic and Development Affairs (CEDA), which met via a video conference on Saturday, reviewed the role of reforms in the diversification of the economy and surge in non-oil revenues. This was during the discussion of the fourth-quarter report on the state budget performance for the fiscal year 2024, submitted by the Ministry of Finance.
The report sheds light on financial performance during the fourth quarter of last year, including revenues, expenditures, and public debt indicators. It highlighted a 21 percent increase in non-oil revenues, reaching SR132 billion, compared to SR109 billion in 2023. The outcomes of the report affirmed the effectiveness of government efforts and reforms in diversifying the national economy and boosting non-oil activities, in line with the Saudi Vision 2030 objectives. It also highlighted the Kingdom's continued support for development and service projects, as well as its commitment to enhancing the regulations for social care and protection.
The Council reviewed the quarterly economic report submitted by the Ministry of Economy and Planning, which addressed the key developments in the global economy and growth outlook projections. The report also included an in-depth analysis of the drivers and challenges affecting national economic growth across various sectors, along with proposed solutions. It also highlighted the economy's positive performance during the third and fourth quarters of 2024 and future forecasts issued by both local and international institutions.
The council reviewed the outcomes of Saudi Arabia's participation in the 2025 World Economic Forum Annual Meeting in Davos, highlighting the country's international leading role as one of the world's largest economies, driven by its continuous progress in achieving the Saudi Vision 2030 goals.
The council reviewed several presentations related to policies, studies, and administrative regulations, including the guiding principles for green investments, submitted by the Supreme National Investment Committee, as well as the organizational structure and guide for the Ministry of Media.
The CEDA also reviewed a presentation by the General Authority for Statistics on indicators measuring import substitution levels, along with summaries of the monthly reports on the Consumer Price Index (CPI) and Wholesale Price Index (WPI). It examined the executive summary of the 2024 Monthly Foreign Trade Report and the core reports that formed the basis of these summaries.
The council issued the necessary decisions and recommendations regarding these matters.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
8 hours ago
- Leaders
Investment Ministry Expands Global Engagement at MESIF London 2025
The Ministry of Investment strengthened its global footprint by serving as the official sponsor and active participant at the Middle East Sports Investment Forum (MESIF) in London 2025. This initiative is part of the ministry's broader mission to develop the investment landscape within the Kingdom's sports sector, aligning with the goals of Saudi Vision 2030. MESIF is a premier international platform that brings together leading figures from the global sports and investment communities. Moreover, the ministry's delegation played a central role in the forum, working closely with event organizers and international partners to advance shared objectives. Throughout the event, the ministry showcased progress on key strategic initiatives, including the Qiddiya Stadium and infrastructure developments in preparation for the 2034 FIFA World Cup. It also presented a range of high-potential investment opportunities spanning sports clubs, infrastructure, women's sports, sports tourism, and emerging sports technologies. The ministry's involvement underscores its commitment to attracting high-quality investments and fostering international collaborations in high-growth sectors—supporting the Kingdom's economic diversification and positioning Saudi Arabia as a global investment destination. Related Topics : A Top Concern for Voters Worldwide: Is Migration a Serious Problem? King Salman Congratulates Sri Lankan President on National Day Insulators Installed in Farasan Islands Reserve to Protect Birds Saudi FM Takes Part in GCC Ministerial Meeting in Kuwait Short link : Post Views: 5 Related Stories
Saudi Gazette
12 hours ago
- Saudi Gazette
Alesayi Motors inaugurates new Mitsubishi showroom in Dammam as part of expansion strategy
As part of its strategic expansion plans and in alignment with Saudi Vision 2030, Alesayi Motors, the official distributor of Mitsubishi Motors and FUSO in Saudi Arabia, has inaugurated its new state-of-the-art and fully integrated showroom in Dammam. This facility aims to deliver an exceptional customer experience, reflecting the company's ongoing commitment to innovation and excellence in the automotive industry. The opening aligns with Mitsubishi's global corporate identity, showcasing a sleek and interactive retail concept. The new showroom includes a dedicated space for Mitsubishi vehicles, designed to offer a comprehensive and immersive customer journey. Additionally, it features a standalone showroom for FUSO trucks, a key player in the Kingdom's commercial transport and retail logistics sectors. The FUSO space has been engineered to address local market demands through a wide range of smart, durable solutions tailored to the Saudi operating environment. The launch event was attended by senior executives, including the CEO and Managing Director of Alesayi Motors, who described the opening as 'a cornerstone of the company's long-term development and expansion roadmap.' He also highlighted the new facility's potential to redefine customer experience while embodying Mitsubishi's global vision of advanced, reliable mobility solutions tailored to local needs. The Dammam showroom is equipped with a cutting-edge maintenance center featuring the latest diagnostic and service technologies. It also includes a spacious spare parts warehouse, ensuring timely support and operational efficiency. In line with Alesayi's commitment to social responsibility, the new branch will also act as a community hub, hosting industry-related events, training programs, and workshops aimed at developing Saudi talent and supporting the national automotive ecosystem. This investment is a strong reaffirmation of Alesayi Motors' dedication to the goals of Vision 2030 and its role in boosting economic growth across the Eastern Province and the Kingdom at large.
Saudi Gazette
a day ago
- Saudi Gazette
GASTAT: Saudi Arabia's imports rise to SR74 billion in March
Saudi Gazette report RIYADH — Saudi Arabia's commodity imports rose slightly to SR74 billion in March 2025, a 0.1 percent increase compared to the same period in 2024. However, commodity imports increased by approximately SR 1.65 billion, a two percent increase, according to data released by the General Authority for Statistics (GASTAT). Machinery, mechanical equipment, electrical equipment, and their parts accounted for 26 percent of the Kingdom's total imports in March, with a value of SR19.3 billion. Vehicles, aircraft, ships, and transportation equipment accounted for approximately 15 percent. China accounted for 25 percent of Saudi Arabia's total imports in March 2025, with a value of SR 18.7 billion, followed by the United States with SR 5.8 billion, and the UAE with SR 4.4 billion. The top 10 countries from which imports accounted for about 65 percent of total imports, equivalent to SR48.1 billion. In its recently released monthly report, the GASTAT announced a 2.3 percent increase in the consumer price index (CPI) for April 2025 compared to the same month in 2024. The authority attributed this annual price increase to the rise in housing, water, electricity, gas, and other fuels, which recorded the highest increase of 6.8 percent. A 2.2 percent rise in food and beverage prices and a 3.5 percent rise in the prices of various personal goods and services contributed to this inflationary wave. Some major categories recorded an annual decline in prices, with furniture and home furnishings prices declining by 1.8 percent. Communications prices fell by 1.5 percent, clothing and footwear prices declined by 1.2 percent, and transportation by 1.0 percent. Health, recreation, and culture prices also saw slight declines of 0.2 percent and 0.7 percent respectively, reflecting relative stability in the costs of these services and products. In contrast, the tobacco sector recorded a slight increase of 0.1 percent.
