Saudi financial council opinions progress in mega tasks

by ADeeL

Saudi Gazette report

RIYADH — The Council of Financial and Improvement Affairs (CEDA) was briefed by the Public Funding Fund (PIF) on the progress of mega tasks, together with Diriyah, NEOM, Qiddiya, the Crimson Sea Venture, and Roshn.

The detailed replace lined venture developments, timelines, and achievement percentages, aligning with the aspirations of Imaginative and prescient 2030.

The council, in a digital assembly on Tuesday, welcomed the announcement of the inauguration of the primary section of the Crimson Sea Venture and the operation of the Crimson Sea Worldwide Airport’s non permanent terminal.

This milestone is poised to reinforce the Kingdom’s tourism sector.

The council mentioned varied reviews and agenda gadgets, together with the periodic presentation by the Ministry of Financial system and Planning on native and international financial developments.

The evaluation highlighted key nationwide financial indicators, detailed updates on worldwide financial indicators, and international financial challenges.

Acknowledging efforts and adopted insurance policies guaranteeing market affordability and curbing monopolistic practices within the non-public sector, the council additionally mentioned the newest developments in native credit score, reflecting strong demand regardless of rising rates of interest.

The Buying Managers’ Index (PMI) witnessed a rise in September, supported by manufacturing, new orders, and gross sales rebound.

Worldwide monetary establishments’ reviews praising the Kingdom’s sustained development and prosperity amid international financial challenges have been additionally mentioned.

The council acknowledged the Kingdom’s robust financial place, backed by sufficient monetary reserves to counter worldwide fluctuations and dangers.

The council concluded the session by reviewing the report from the Venture Administration Workplace on the Secretariat of the Financial and Improvement Affairs Council, masking the selections and suggestions issued by the council for the third quarter of 2023.

The report showcased exact statistics on the efficiency ranges of entities represented by the council of their assigned duties, indicating a rise in achievement percentages throughout the third quarter in comparison with the previous quarter.

The development displays steady enchancment, with an growing variety of entities reaching efficiency indicators of over 98%.

The council made needed choices and suggestions relating to these issues.

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