Saudi Gazette report

JEDDAH — The Council of Economic and Development Affairs (CEDA), which met via a video conference on Saturday, reviewed the role of reforms in the diversification of the economy and surge in non-oil revenues. This was during the discussion of the fourth-quarter report on the state budget performance for the fiscal year 2024, submitted by the Ministry of Finance.

The report sheds light on financial performance during the fourth quarter of last year, including revenues, expenditures, and public debt indicators. It highlighted a 21 percent increase in non-oil revenues, reaching SR132 billion, compared to SR109 billion in 2023. The outcomes of the report affirmed the effectiveness of government efforts and reforms in diversifying the national economy and boosting non-oil activities, in line with the Saudi Vision 2030 objectives. It also highlighted the Kingdom’s continued support for development and service projects, as well as its commitment to enhancing the regulations for social care and protection.

The Council reviewed the quarterly economic report submitted by the Ministry of Economy and Planning, which addressed the key developments in the global economy and growth outlook projections. The report also included an in-depth analysis of the drivers and challenges affecting national economic growth across various sectors, along with proposed solutions. It also highlighted the economy's positive performance during the third and fourth quarters of 2024 and future forecasts issued by both local and international institutions.

The council reviewed the outcomes of Saudi Arabia’s participation in the 2025 World Economic Forum Annual Meeting in Davos, highlighting the country’s international leading role as one of the world’s largest economies, driven by its continuous progress in achieving the Saudi Vision 2030 goals.

The council reviewed several presentations related to policies, studies, and administrative regulations, including the guiding principles for green investments, submitted by the Supreme National Investment Committee, as well as the organizational structure and guide for the Ministry of Media.

The CEDA also reviewed a presentation by the General Authority for Statistics on indicators measuring import substitution levels, along with summaries of the monthly reports on the Consumer Price Index (CPI) and Wholesale Price Index (WPI). It examined the executive summary of the 2024 Monthly Foreign Trade Report and the core reports that formed the basis of these summaries.

The council issued the necessary decisions and recommendations regarding these matters.