Saudi Authorities Direct Vision 2030 Realization Committees to Submit Plans to Boost Private Sector Funding

Saudi authorities have directed all the Vision 2030 Realization Program (VRP) Committees to submit an action plan within 90 days to CEDA to “activate the role of the private sector as an investor and a financing element in implementing its initiatives,” a report in the Saudi Gazette/OKAZ said.

According to the report, action plans submitted by the VRP Committees will contain feasibility studies, financial models, financing concerns as well as an estimated time to deliver on the plans, Saudi Gazette reports.

CEDA, the Council of Economic and Development Affairs, is one of two powerful “sub-cabinet” committees comprised of Saudi ministers that is tasked with activating Saudi Arabia’s Vision 2030 economic and social reforms.

The direction from higher authorities in Saudi Arabia comes “after the ministry of commerce and investment and the ministry of finance submitted proposals to CEDA in this regard,” the Saudi Gazette reports. “According to CEDA directive, priority will be given to the most important and high-impact initiatives, with the committees coordinating with the Saudi Arabian General Investment Authority (SAGIA), the National Center for Privatization, the National Center for Public Debt Management and the Office of Strategic Management and the Center to Achieve Spending Efficiency.”

SAGIA will oversee the committees carrying out the tasks entrusted to them, following the adoption of the action plan, which will be submitted to the CEDA Strategic Committee. A committee will be constituted in SAGIA, headed by minister of commerce and investment and chairman of the board of directors of SAGIA, with SAGIA governor and representatives of a number of bodies as members,” the Saudi Gazette reports. “These bodies include the National Center for Public Debt Management, Public Investment Fund, Statistics Authority, Export Development Authority, National Center for Privatization, Saudi Center for International Strategic Partnerships, Capital Market Authority, Local Content and Government Procurement Authority and Saudi Aramco in addition to the CEOs of the Vision Realization Program Committees, and the Saudi Stock Exchange (Tadawul).”

[More on the new directive from the Saudi Gazette report]