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| Ministry of Economy and Planning (Saudi Arabia) | |
|---|---|
| Agency name | Ministry of Economy and Planning |
| Native name | وزارة الاقتصاد والتخطيط |
| Formed | 1951 |
| Headquarters | Riyadh |
| Jurisdiction | Saudi Arabia |
| Minister | Faisal bin Fadhil Alibrahim |
Ministry of Economy and Planning (Saudi Arabia) is a Saudi Arabian cabinet-level ministry-level institution responsible for national development strategies and statistical coordination. It prepares national plans, drafts development budgets, and coordinates with ministries such as Ministry of Investment, Ministry of Energy, Ministry of Interior and agencies like the Saudi Central Bank (SAMA), General Authority of Statistics and the Council of Economic and Development Affairs. The ministry interfaces with international organizations including the World Bank, International Monetary Fund, United Nations Development Programme, OECD and regional bodies such as the Gulf Cooperation Council.
The ministry traces antecedents to early Saudi development planning offices established under the reign of King Abdulaziz and institutionalized during the reigns of King Saud and King Faisal. Early coordination occurred alongside agencies like the Ministry of Finance and the Saudi Arabian Monetary Agency before formation as a dedicated planning body in the mid-20th century. Subsequent reorganizations reflected reforms under King Fahd, King Abdullah, and King Salman, aligning the ministry with initiatives such as the First Development Plan (Saudi Arabia), Second Development Plan (Saudi Arabia), and later national strategies. The ministry evolved amid policy shifts linked to events including the 1973 oil crisis, the 1990 Gulf War, the 2014 oil price decline, and the announcement of Vision 2030 under Crown Prince Mohammed bin Salman.
The ministry’s statutory mandate covers preparation of multi-year development plans, drafting the national five-year framework, producing medium-term macroeconomic forecasts, and coordinating sectoral strategies with entities like the Ministry of Health (Saudi Arabia), Ministry of Education (Saudi Arabia), Ministry of Commerce (Saudi Arabia), and Ministry of Transport (Saudi Arabia). It publishes analytical reports for bodies such as the Shura Council (Saudi Arabia), advises on public investment projects undertaken by the Public Investment Fund (PIF), and oversees statistical standards alongside the General Authority of Statistics (Saudi Arabia). The ministry assesses fiscal policy interactions with institutions like the Ministry of Finance, evaluates sectoral reforms pursued by the Saudi Vision Realization Programs and monitors outcomes relative to benchmarks set by Vision 2030.
Organizationally the ministry comprises departments for macroeconomic forecasting, regional development, sectoral planning, project appraisal, and the National Transformation Program secretariat, interacting with public entities including the Saudi Industrial Development Fund, Saudi Export-Import Bank, and Royal Commission for Riyadh City. The ministry maintains liaison units for coordination with the Ministry of Labor and Social Development, Ministry of Hajj and Umrah, and supervisory links to commissions such as the Capital Market Authority (Saudi Arabia). It houses research centers collaborating with academic institutions like King Saud University, King Abdulaziz University, King Abdullah University of Science and Technology (KAUST), and think tanks including the Gulf Research Center.
Key initiatives administered or coordinated by the ministry include preparation and monitoring of strategic programs tied to the National Industrial Development and Logistics Program, the National Transformation Program (Saudi Arabia), and the Privatization Program that interfaces with the Ministry of Commerce (Saudi Arabia) and the Capital Market Authority (Saudi Arabia). It has steered reforms to diversify revenue streams in response to shocks like the 2014 oil price decline and participates in infrastructure planning for projects such as NEOM, Riyadh Metro, and the Red Sea Project alongside the PIF. The ministry produces socio-economic assessments aligned with initiatives of the Ministry of Health (Saudi Arabia), Ministry of Education (Saudi Arabia), and labor reforms linked to Saudi Vision 2030 objectives.
As the principal planner, the ministry translated Vision 2030 targets into measurable indicators coordinated with the Vision Realization Programmes and the Council of Economic and Development Affairs. It provides macroeconomic scenarios informing fiscal trajectories used by Ministry of Finance and the SAMA, and evaluates PIF investment strategies intersecting with projects like NEOM, Qiddiya, and the Red Sea Project. The ministry’s analytics support privatization timelines, public-private partnership frameworks with the Ministry of Transport (Saudi Arabia), and socioeconomic targets for employment and non-oil revenue referenced in reports circulated to bodies such as the Shura Council (Saudi Arabia) and international partners including the World Bank.
The ministry engages in bilateral and multilateral cooperation with the World Bank, International Monetary Fund, United Nations Development Programme, Islamic Development Bank, and the Asian Infrastructure Investment Bank for technical assistance, project financing, and capacity building. It liaises with foreign ministries and agencies including counterparts in the United States Department of State, European Commission, Ministry of Economy (China), and Gulf peers within the Gulf Cooperation Council for regional planning coordination. The ministry also coordinates donor dialogues with institutions such as the Bill & Melinda Gates Foundation and engages in research exchanges with universities like Harvard University, London School of Economics, and Sciences Po.
Leadership includes a minister appointed by the King of Saudi Arabia and deputies who coordinate with advisory councils like the Council of Economic and Development Affairs and the Shura Council (Saudi Arabia). Notable figures who have led planning institutions in Saudi history include advisors and ministers who worked with monarchs King Faisal, King Abdullah, and King Salman during reform periods and economic transitions. Recent ministers and senior officials have been posted to multilateral forums such as the G20 and bilateral economic missions with countries including the United States of America, China, United Kingdom and Japan.
Category:Government ministries of Saudi Arabia