The Saudi Council of Economic and Development Affairs held a virtual meeting to discuss financial performance and global economic developments, with a focus on enhancing the contributions of the public sector.
Operating under the Council of Ministers, the Economic and Development Affairs Authority oversees governance frameworks, key mechanisms, and policies essential for achieving Saudi Vision 2030.
It also monitors key domestic sectors, including health, labor, education, and Islamic affairs.
The March 15 meeting covered a range of reports and topics, including the Quarterly Economic Report issued by the Ministry of Economy and Planning.
According to officials, the report provides a comprehensive analysis of the factors and challenges affecting national economic growth across various sectors, as well as proposed solutions.
The report highlighted Saudi Arabia’s strong economic performance in the third and fourth quarters of 2024, backed by positive projections from both local and international institutions.
Key Highlights of the Economic and Budget Performance Reports
The Council of Economic and Development Affairs reviewed the Ministry of Finance’s Q4 Budget Performance Report for FY 2024.
Key findings included:
Total expenditures reached SAR 1.37 trillion ($365.3 billion), marking a 6% year-on-year increase.
The budget deficit rose to SAR 115.63 billion, a 43% increase compared to 2023, aligning with previous forecasts.
Non-oil revenues surged by 21%, reaching SAR 132 billion, compared to SAR 109 billion in the same period the previous year.
The report attributed the growth in non-oil revenues to government reforms and economic diversification efforts, in line with Saudi Vision 2030’s goal of expanding non-oil sectors.
Additionally, the report reaffirmed Saudi Arabia’s continued investment in development and public service projects,
as well as its commitment to strengthening social care and protection systems.
Saudi Arabia’s Role in Global Economic Platforms
The meeting also discussed the Kingdom’s upcoming participation in the World Economic Forum (WEF) in Davos 2025, emphasizing Saudi Arabia’s growing influence among leading global economies.
The council reviewed additional policy and administrative presentations, including:
Guidelines for the National Investment Committee regarding green investments.
Regulatory frameworks and organizational structures for the Ministry of Media.
Saudi Arabia’s economic policies and strategic investments continue to position the Kingdom as a key player in global economic forums,
reinforcing its status as a leader in sustainable development and financial governance.
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