Economic, Development Affairs Council Convenes Virtually to Discuss Key Reports, Initiatives
The Council of Economic and Development Affairs recently held a virtual meeting to deliberate on a range of reports and agenda items. Among the key topics discussed were the latest economic developments, budget performance, and strategic initiatives aligned with Saudi Vision 2030.
The council examined the quarterly economic report prepared by the Ministry of Economy and Planning, which provided a comprehensive overview of global economic trends and growth projections. The report analyzed the factors driving and hindering economic growth across various sectors, offering actionable solutions to address challenges. It also highlighted the strong performance of the national economy during the third and fourth quarters of 2024, supported by optimistic forecasts from both domestic and international institutions.
Economic, Development Affairs
Additionally, the council reviewed the fourth-quarter report on the state budget performance for the 2024 fiscal year, presented by the Ministry of Finance. The report outlined key financial metrics, including revenue, expenditure, and public debt indicators. Notably, non-oil revenues surged by 21%, reaching SAR 132 billion compared to SAR 109 billion in 2023. This growth underscores the success of government efforts to diversify the economy and expand non-oil sectors, in line with the objectives of Saudi Vision 2030. The report also emphasized the Kingdom's ongoing commitment to funding development projects, improving social welfare systems, and enhancing public services.
The council also discussed Saudi Arabia's participation in the 2025 World Economic Forum Annual Meeting in Davos, highlighting the Kingdom's prominent role on the global stage as one of the world's largest economies. The country's progress in achieving Saudi Vision 2030 goals was recognized as a key driver of its international influence.
Supreme National Investment Committee
Several policy and regulatory presentations were also reviewed during the meeting. These included the guiding principles for green investments, submitted by the Supreme National Investment Committee, and updates on the organizational structure and guidelines for the Ministry of Media. Furthermore, the General Authority for Statistics presented key indicators on import substitution levels, along with summaries of monthly reports on the Consumer Price Index (CPI) and Wholesale Price Index (WPI). The council also examined the executive summary of the 2024 Monthly Foreign Trade Report and the underlying data that informed these analyses.
Following the discussions, the council issued necessary decisions and recommendations to advance the Kingdom's economic and developmental priorities. These outcomes reflect the government's ongoing commitment to fostering sustainable growth, diversifying the economy, and enhancing the quality of life for its citizens.
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