The Council of Economic and Development Affairs held a regular meeting on Wednesday via video conference, during which a number of vital reports and topics were reviewed that outline the economic path of the Kingdom of Saudi Arabia in light of global and local changes.
A comprehensive overview of the national and global economy
At the heart of the meeting, the Council discussed the quarterly report submitted by the Ministry of Economy and Planning, which provided an in-depth analysis of the global economic landscape. The report addressed the impact of geopolitical challenges and global market volatility on international economic growth prospects. Domestically, the report highlighted the latest developments in the national economy, offering future projections extending to 2027. Indicators underscored the resilience of the Saudi economy and its strong capacity to withstand challenges, emphasizing the remarkable growth witnessed in non-oil sectors, which reflects the success of the economic diversification policies stemming from Saudi Vision 2030.
Vision 2030: The main driver of economic policies
This meeting comes within the context of the pivotal role played by the Council of Economic and Development Affairs, established in 2015 under the chairmanship of the Crown Prince, as a key instrument for overseeing the implementation and monitoring of the Saudi Vision 2030 programs. These periodic reviews of economic and financial performance are a cornerstone for ensuring the achievement of the Vision's strategic objectives and for making data-driven decisions to promote sustainable development, diversify income sources, and reduce dependence on oil. The success of these policies not only enhances the stability of the domestic economy but also solidifies the Kingdom's position as an influential economic power regionally and internationally within the G20.
Financial sustainability and resilience in the face of challenges
The Council also reviewed the State Budget Performance Report for the fourth quarter of fiscal year 2025, submitted by the Ministry of Finance. The report presented a comprehensive analysis of revenues, expenditures, and public debt levels, along with an assessment of the impact of local and global economic variables on financial indicators. The results demonstrated the government's continued commitment to a balanced and flexible fiscal policy aimed at supporting economic growth and achieving medium- and long-term fiscal sustainability. This is accomplished through the use of disciplined and efficient financial instruments and continued strategic spending on development projects with high economic and social impact, thereby contributing to improving the quality of public services, stimulating investment, and strengthening the state's public finances.
Developing legislative frameworks to support growth
The Council also discussed several other topics, including the draft Government Tenders and Procurement Law, the draft Space Law, and updates to university governance regulations. These discussions reflect the government's commitment to developing a more attractive investment environment that keeps pace with global developments, thereby enhancing transparency, increasing the efficiency of government spending, and opening up opportunities in new and promising economic sectors such as the space sector. The Council adopted the necessary decisions and recommendations regarding these topics, paving the way for the completion of the required procedures.
