Al Sukait: Private Sector is Key Partner in Economic Development

Head of the Local Content and Private Sector Development Unit of the Council of Economic and Development Affairs (CEDA), Fahad Al Sukait, stated that Saudi Arabia remains a rich country with robust economy, emphasizing that the Kingdom is currently focusing on maintaining economic reforms to build a highly efficient economy for the upcoming generations.

In his meeting with the Council of Saudi Chambers (CSC) Chairperson Eng. Ahmed Al Rajhi, Secretary General Dr. Saud Al Meshari, and the chairpersons of CSC’s national committees, Al Sukait noted that the Kingdom’s leadership, embodied in King Salman and Crown Prince Mohammed bin Salman, follows a clear plan to restructure national economy within an ambitious plan whose aim is to elevate Saudi Arabia’s status among the leading countries in production, exports, and competitiveness, regionally and internationally. He added that the Saudi Vision 2030 carries great potential and is already showing concrete results across various sectors, clarifying that the plan does not merely aim to bypass a specific stage, but to transform and restructure economy as a whole. To achieve this, the vision will constantly explore opportunities and seek interested local and foreign investors.

The Head of Local Content added that the Saudi leadership has great hopes for the private sector’s role in the economic development process, and considers it a key partner in realizing it. Thus, it will listen to its suggestions and concerns in this regard. He described the relationship between the public and private sector as harmonious.

Per Al Sukait, one of the main topics on the Local Content agenda is developing new mechanisms for contracts and procurement laws so as to include local content conditions, such as quality. In addition to revising obstacles to exports (e.g. fees). He assured that it will be a major positive step to move from being a supplier government to real partners, adding that the issue of local content is of high interest to CEDA Chairperson Mohammed bin Salman.

For his part, Eng. Al Rajhi commended Al Sukait for his continued efforts and cooperation with CSC to listen to and address the private sector’s concerns to help them realize their role in the economic development process. The CSC Chairperson conveyed the private sector’s commitment to working alongside the public sector to implement the ambitious plans of the Kingdom whose aim is to diversify national income sources by increasing productivity across all economic sectors.

The meeting touched on issues concerning the Fiscal Balance Program 2020, including the private sector’s request to extend certain elements of the program till 2023. Other topics included the emphasis on job Saudization, requiring government assistance to CSC in launching a local content development program, and fees remuneration.

An extensive discussion took place during the meeting between Al Sukait and the Chairpersons of CSC’s national committees on the various challenges facing investors and business owners in regards to the Fiscal Balance Program 2020.