Latest news with #MinistryofEconomyandPlanning
Saudi Gazette
8 hours ago
- Business
- Saudi Gazette
Saudi Economic and Development Affairs Council reviews Vision 2030 progress, economic outlook
Saudi Gazette report RIYADH — The Council of Economic and Development Affairs held a virtual meeting to assess the Kingdom's economic performance and track progress on key programs supporting Saudi Vision 2030. The session began with a review of the July 2025 Economic Report presented by the Ministry of Economy and Planning, offering an in-depth analysis of global economic trends, associated risks, and the performance of the Saudi economy. The report included forecasts for the second half of 2025 and the coming year. The Council noted a continued positive trajectory for the Kingdom's economy, marking four consecutive quarters of growth, driven by the resilience of non-oil sectors. A key highlight was the Purchasing Managers' Index (PMI) reaching its highest level in three Council also discussed the Q1 performance report on Vision 2030 implementation, submitted by the Strategic Management Office, which evaluated progress on executive programs, strategic goals, and the execution status of national and sector-specific report reaffirmed ongoing momentum across Vision 2030's three main pillars: a vibrant society, a thriving economy, and an ambitious meeting reviewed the Q1 public sector performance report presented by the National Center for Performance Measurement (Adaa).The report highlighted improvements in government entity performance, driven by targeted support to ministries and public agencies in achieving their strategic also included an evaluation of national strategies and a forward-looking assessment of institutional development addition, the Project Management Office briefed the Council on the progress of assigned tasks and decisions from report covered execution outcomes, agency compliance, and provided statistics on achievement levels across participating government Council's agenda included a series of organizational and strategic matters, notably the regulatory arrangements for the Events Committee, updates to the organizational structure of the Ministry of Economy and Planning, and the Asir Region Development also reviewed reports on accelerating capital project procedures, the quarterly executive summary of GDP and national accounts data, and monthly indices for consumer and wholesale session concluded with the Council issuing the necessary resolutions and recommendations to support continued national progress and institutional performance.
Saudi Gazette
6 days ago
- Business
- Saudi Gazette
Saudi Arabia outlines progress on gender equality and partnerships at UN forum
NEW YORK — Removing barriers to women's participation in economic and social life has been a central focus of Saudi Arabia's reforms under Vision 2030, the Ministry of Human Resources and Social Development (HRSD) emphasized during the 2025 UN High-Level Political Forum (HLPF) in New York. Participating as part of the Kingdom's wider delegation led by the Ministry of Economy and Planning, HRSD Deputy Minister for International Affairs Dr. Tariq Alhamad delivered remarks during two key sessions—one on the review of Sustainable Development Goal (SDG) 5 on Gender Equality, and another on institutional collaboration and sustainability. Dr. Tariq highlighted that Vision 2030 is enabling inclusive growth by aligning long-term national reforms with the UN Sustainable Development Goals. 'Vision 2030 is more than a set of goals. It brings government, civil society and the private sector into shared delivery,' he said. 'We've focused not only on policy, but on the support systems women need to participate fully—whether that's jobs, childcare or reliable transport. There's more to do, but we've made real progress, and we're determined to build on it.' Saudi Arabia's female workforce participation reached 36.3% in the first quarter of 2025, up from 19.7% in 2018. National initiatives such as Qurrah, which has supported over 40,000 women with childcare services, and Wusool, which has helped more than 300,000 women with transport to and from work, have been instrumental. Maternity leave has been extended to 12 weeks at full pay, and nearly 1.3 million women are now engaged in freelance work. At the HLPF side event, Dr. Tariq discussed HRSD's broader institutional approach to inclusive partnerships. He emphasized that durable reform depends on transparent systems, cross-sector collaboration, and strong institutional capacity. HRSD has implemented new legal frameworks for volunteering, donations, and nonprofit work. Through the National Center for Non-Profit Sector, and digital platforms like the National Volunteer Portal and Ehsan, the Ministry is expanding civil society's role in service delivery and innovation. These efforts support multiple SDGs, including Gender Equality (SDG 5), Decent Work (SDG 8), Reduced Inequality (SDG 10), Strong Institutions (SDG 16), and Partnerships for the Goals (SDG 17). Dr. Tariq also noted Saudi Arabia's collaboration with international organizations such as the International Labour Organization and the World Bank, ensuring national reforms meet global standards while being rooted in local realities. 'Vision 2030 and the 2030 Agenda were launched the same year. They're not the same, but they speak to many of the same goals,' he said. 'For us, the SDGs are not abstract. They're reflected in the way we build institutions, form partnerships, and serve our communities.' — SG
Mid East Info
15-07-2025
- Business
- Mid East Info
Ministry of Economy and Planning signs MOU with India based Observer Research Foundation to enhance collaboration in economic research and studies
Ministry of Economy and Planning signs MOU with India basedObserver Research Foundation to enhance collaboration in economic research and studies The Ministry of Economy and Planning signed a Memorandum of Understanding with India based Observer Research Foundation (ORF), to enhance collaboration in economic research and studies, and to exchange knowledge and research expertise, contributing to the formulation of evidence-based policies. The memorandum aims to strengthen the research partnership between the two sides by launching a joint annual publication, the development of youth leadership programs, and the organization of events, conferences, seminars and research activities in coordination with the relevant authorities. The MOU is part of the Ministry of Economy and Planning efforts to enhance international cooperation in the field of research, and to support the creation of knowledge-based economic policies, to help achieve the objectives of Saudi Vision 2030.
Saudi Gazette
07-07-2025
- Business
- Saudi Gazette
Saudi Awwal Bank signs on as mentor in the MEP Sustainability Champions Program
Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has announced its participation in the Sustainability Champions Program of the Ministry of Economy and Planning (MEP). The official signing ceremony took place on May 28, 2025, at SAB Tower, marking a key milestone in SAB's commitment to sustainability. The signing ceremony marked the beginning of a strategic collaboration focused on sustainability. Senior executives from SAB and the participating mentees, who attended the event, emphasized the shared commitment to advancing sustainability across key sectors. The MEP Sustainability Champions Program, initiated by the Ministry of Economy and Planning, aims to enhance sustainability performance across key sectors by partnering with organizations that demonstrate leadership and a commitment to sustainable practices. As a mentor in the program, SAB will utilize its extensive experience and resources to support and guide its mentees on their sustainability journeys. As part of its role, SAB will mentor a select group of prominent organizations in the MEP Sustainability Champions Program, including Dallah Healthcare Company, Rawabi Holding Company, Middle East Paper Company, and City Cement Company. This initiative marks the beginning of a collaborative effort to enhance sustainability practices across key sectors and achieve Vision 2030 goals. Tony Cripps, Managing Director of SAB, said: "Sustainability is no longer a choice—it's a responsibility. Through our partnership with the MEP Sustainability Champions Program, SAB is taking tangible steps to build the knowledge infrastructure around sustainability and contribute to the Kingdom's goals. We are proud to be part of this forward-looking initiative, which aligns with our Environmental, Social, and Governance (ESG) strategy and our commitment to supporting sustainable economic growth." SAB continues to demonstrate its leadership in sustainability through its comprehensive ESG strategy. The bank is actively engaged in various initiatives aimed at fostering sustainable economic development in line with Saudi Vision 2030. Through its partnerships with governmental bodies, such as the Ministry of Economy and Planning, SAB plays a key role in driving forward the Kingdom's sustainability aspirations, contributing to long-term, positive environmental and societal impacts. Saudi Awwal Bank (SAB) is one of the largest banks in the Kingdom, with a history in Saudi Arabia spanning over 90 years. Over the past nine decades, it has been an active partner in supporting the Kingdom's economic growth and social development. SAB is a leading corporate and institutional international bank in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, in Saudi Arabia and the broader region. SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. The bank's paid-up capital is SR20.5 billion, following its legal merger with Alawwal Bank on 14th March 2021, when it was formerly known as the Saudi British Bank (SABB). SAB operates under the supervision and regulation of the Saudi Central Bank, and is a partner of the HSBC Group.
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Saudi-Spanish business forum kicks off in Riyadh
Saudi Gazette report RIYADH — The Saudi-Spanish Business Forum, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, kicked off on Thursday in Riyadh. Minister of Economy and Planning Faisal Al-Ibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo were present at the event with more than 300 officials and investors. Al-Ibrahim affirmed that Saudi Arabia is confidently moving toward a knowledge-based economy, driven by Saudi Vision 2030. He noted that the Kingdom's non-oil sectors accounted for 54.8% of GDP in 2024, for the first time in Saudi Arabia's history. He explained that Saudi's Vision 2030 has witnessed a 70% growth in private investments in non-oil sectors since its launch, as a result of the implementation of more than 900 economic and structural reforms that have contributed to enhancing investor confidence and facilitating the business environment. Cuerpo emphasized that Saudi Arabia is Madrid's most important partner in the region, and the presence of Spanish companies in the Kingdom has increased by 57% over the past three years. He explained that the current economic situation in Spain is suitable for strengthening relations with Saudi Arabia. Spain has reached a record level of financing capacity, while the tourism sector is the main driver, and it has occupied advanced positions in attracting renewable energy projects and research and development activities related to artificial intelligence, he said. Chairman of the Saudi-Spanish Business Council Khalid Al-Hogail explained that Saudi Arabia and Spain are seeking to explore investment opportunities and enhance trade exchange in promising and vital sectors. He noted that trade and investment relations are currently witnessing development; in 2024, the volume of trade exchange reached approximately $6 billion. He noted that the council is working to strengthen partnerships between business leaders in sectors such as energy, tourism, construction, sports, food, and logistics services. Four agreements were signed between Saudi and Spanish companies across several economic sectors. Specialized sector-specific sessions and workshops were also held, highlighting the investment environment and opportunities in both countries, particularly in vital economic sectors, as well as the incentives and facilities offered to investors from both sides. It is noteworthy that the volume of trade exchange between Saudi Arabia and Spain at the end of 2024 amounted to SR22.9 billion, with Saudi exports amounting to SR12.4 billion, while its imports from Spain amounted to SR10.5 billion.
