RIYADH — Saudi Arabia’s Ministry of Economy and Planning (MEP) has signed a Memorandum of Understanding with the Saudi Economic Association to accelerate research, training and data exchange amid a flurry of new agreements.

Both parties will promote closer cooperation on economic research, capacity building, events and reports to share knowledge and advance joint goals on growth, diversification and the realization of Saudi Vision 2030 objectives.

Assistant Minister of Economy and Planning Suliman Alobaid signed the agreement with Chair of the Board of the Saudi Economic Association Dr. Nourah Alyousef.

The agreement lays the framework for closer coordination in key areas, such as promoting two-way data flows and cooperation on joint reports. A wide range of events such as meetings, lectures, seminars and workshops will be organized.

Training courses on economic research, analysis, monetary policy, planning and writing will also be held to boost training, reskilling and upskilling efforts nationwide.

The agreement will also strengthen economic cooperation, enhance monetary policymaking, and provide a new platform to welcome global speakers and experts to participate in conferences and events locally, regionally and internationally.

The Saudi Economic Association aims to facilitate the exchange of knowledge, economics, and social scientific studies among individuals, government entities and private-sector organizations. It also hosts events to discuss research and runs training courses to promote capacity building.

The agreement comes days after MEP and Saudi Arabia’s General Authority for Statistics signed an MoU to enhance the use of data in the development of economic policies. It came less than a week after MEP and the Saudi Data & AI Authority agreed to explore how artificial intelligence and data can boost policymaking and economic performance.

After signing three agreements in less than a fortnight, the Ministry of Economy and Planning is moving fast to boost training and development and improve how data is used to shape policy and produce results that contribute to Kingdom’s social and economic goals. — SPA