Jeddah, Saudi Arabia – March 16, 2025 The Council of Economic and Development Affairs (CEDA) convened virtually on March 16 to discuss a wide range of critical economic topics and review various reports presented by key government entities. The meeting served as an important platform for evaluating the Kingdom’s economic performance and assessing the progress of initiatives aligned with Saudi Vision 2030.
One of the key items on the agenda was the quarterly economic report submitted by the Ministry of Economy and Planning. The report provided a comprehensive analysis of global economic developments and outlined the growth outlook projections for the Kingdom. In addition to evaluating the current state of the national economy, the report delved into key drivers of growth, highlighting sectors that have seen significant progress as well as challenges that continue to impact the country’s economic trajectory. The report emphasized that the Kingdom’s economy had experienced positive performance in both the third and fourth quarters of 2024, reflecting the successful implementation of government policies and the resilience of its diverse sectors. The report also included future economic forecasts from both local and international institutions, reinforcing the optimistic outlook for Saudi Arabia’s economic growth in the coming years.
Another important discussion during the meeting was centered around the fourth-quarter report on the state budget performance for the 2024 fiscal year, presented by the Ministry of Finance. This report provided a detailed overview of the financial performance during the period, covering key metrics such as revenue, expenditure, and public debt. Notably, the report highlighted a remarkable 21% increase in non-oil revenues, which reached SAR 132 billion, up from SAR 109 billion in 2023. This growth in non-oil revenues underlined the Kingdom’s ongoing efforts to diversify its economy and reduce its dependence on oil exports, in line with the strategic objectives of Saudi Vision 2030. The report also affirmed the success of government reforms aimed at enhancing the efficiency of public finances while supporting social welfare and development projects across the Kingdom.
The council also reviewed the outcomes of Saudi Arabia’s participation in the 2025 World Economic Forum (WEF) Annual Meeting in Davos. This discussion highlighted the Kingdom’s growing influence on the global stage as one of the world’s largest economies, positioning itself as a key player in shaping global economic trends. The participation underscored the country’s continued progress toward achieving the ambitious goals set forth in Vision 2030, particularly in fostering economic diversification, innovation, and sustainable development.
In addition to these reports, the council reviewed several presentations on important policies, studies, and regulatory frameworks. One key presentation was submitted by the Supreme National Investment Committee, which introduced the guiding principles for green investments in Saudi Arabia. This initiative aims to encourage sustainable investment practices and align the Kingdom’s financial ecosystem with global environmental goals. Another presentation reviewed the organizational structure and guidelines for the Ministry of Media, aiming to enhance the effectiveness of media management and communication strategies in the Kingdom.
Furthermore, the General Authority for Statistics presented an overview of indicators measuring import substitution levels, a critical aspect of the Kingdom’s efforts to enhance domestic production capabilities and reduce reliance on imports. The council also examined summaries of monthly reports on the Consumer Price Index (CPI) and Wholesale Price Index (WPI), which provide important insights into inflation trends and price dynamics within the Kingdom. Additionally, the council reviewed the executive summary of the 2024 Monthly Foreign Trade Report, which tracks the country’s trade performance and identifies key trends in exports and imports.
Following the review of these reports and presentations, the Council of Economic and Development Affairs issued a series of decisions and recommendations aimed at advancing the Kingdom’s economic objectives and supporting the implementation of Vision 2030. These decisions are expected to guide further policy developments and enhance the effectiveness of ongoing initiatives in driving economic growth, promoting diversification, and improving the quality of life for citizens.
This virtual meeting reflects the Council’s ongoing commitment to overseeing Saudi Arabia’s economic strategy, ensuring that the Kingdom remains on track to achieve its long-term development goals. The discussions held during the meeting demonstrate the government’s proactive approach in addressing current challenges and seizing opportunities to position Saudi Arabia as a global leader in economic and development affairs.
