Saudi Gazette report

RIYADH — The Council of Economic and Development Affairs (CEDA) highlighted the positive indicators of the Kingdom’s economy and its achievement of the goals of Vision 2030, especially the huge inflow of foreign investments.

In a virtual session held on Thursday, the council reviewed a number of reports and topics on its agenda such as policies and projects related to several commercial, investment and traffic systems.

The meeting discussed the results of performance indices for a number of key sectors, as well as the efforts of the government that helped grow local economic indicators, in line with the goals of Vision 2030, and keep inflation rate at an estimated level of 1.7 percent.

The council reviewed the periodic presentation submitted by the Ministry of Economy and Planning regarding local and global economic developments, which included a detailed analysis of the latest developments in international economic indicators and the most prominent challenges facing the global economy.

The repercussions of geopolitical tensions on the global economy, trade and investment, as well as the most important potential economic scenarios at the local and international levels figured in the meeting.

The council also highlighted the huge flow of foreign investments into the Kingdom, according to the latest data of the Saudi Central Bank (SAMA). The Central Bank report showed that foreign investment flows to the Kingdom amounted to SR7.99 billion ($2.13 billion) in the third quarter of 2023, an increase of 29.13 percent from the second quarter, despite global economic challenges. The council has taken the necessary recommendations on these issues.