Saudi Gazette report

RIYADH — The Council of Economic and Development Affairs (CEDA) was briefed by the Public Investment Fund (PIF) on the progress of mega projects, including Diriyah, NEOM, Qiddiya, the Red Sea Project, and Roshn.

The detailed update covered project developments, timelines, and achievement percentages, aligning with the aspirations of Vision 2030.

The council, in a virtual meeting on Tuesday, welcomed the announcement of the inauguration of the first phase of the Red Sea Project and the operation of the Red Sea International Airport's temporary terminal.

This milestone is poised to enhance the Kingdom's tourism sector.

The council discussed various reports and agenda items, including the periodic presentation by the Ministry of Economy and Planning on local and global economic developments.

The analysis highlighted key national economic indicators, detailed updates on international economic indicators, and global economic challenges.

Acknowledging efforts and adopted policies ensuring market affordability and curbing monopolistic practices in the private sector, the council also discussed the latest developments in local credit, reflecting robust demand despite rising interest rates.

The Purchasing Managers' Index (PMI) witnessed an increase in September, supported by production, new orders, and sales rebound.

International financial institutions' reports praising the Kingdom's sustained growth and prosperity amid global economic challenges were also discussed.

The council recognized the Kingdom's strong economic position, backed by adequate financial reserves to counter international fluctuations and risks.

The council concluded the session by reviewing the report from the Project Management Office at the Secretariat of the Economic and Development Affairs Council, covering the decisions and recommendations issued by the council for the third quarter of 2023.

The report showcased precise statistics on the performance levels of entities represented by the council in their assigned tasks, indicating an increase in achievement percentages during the third quarter compared to the preceding quarter.

The trend reflects continuous improvement, with an increasing number of entities achieving performance indicators of over 98%.

The council made necessary decisions and recommendations regarding these matters.