Ministry of Economy & Planning and Mukatafa to Jointly Support and Enable Sustainable Development of Private Sector

The Ministry of Economy & Planning (MEP), and Mukatafa to jointly support and enable the sustainable development of the private sector

MEP and Mukatafa signed on Thursday, a memorandum of understanding (MOU) that aims to develop a sustainable Saudi economy, in line with Saudi Vision 2030, by cooperating in developing economic policies and plans.

On behalf of MEP, the agreement was signed by Rakan bin Abdullah Al Al-Sheikh, Undersecretary of the Ministry for Policies and Economic Planning, and by Prince Waleed bin Nasser bin Farhan, Founder and CEO of Mukatafa.

The MOU aims to enhance the Kingdom of Saudi Arabia’s development plans, and enable sustainable growth and economic diversification by assessing and aligning public policies with the goals of Saudi Vision 2030.

It will also support the private sector by monitoring challenges, achievements, and potential opportunities for the sector in the Kingdom, as well as enable cooperation in identifying solutions to achieve strong results.

Cooperation between MEP and Mukatafa under the MOU will include:

1- Cooperation in developing research, studies, reports, and indicators targeted by the Ministry, and related to sectors represented by Mukatafa, which serve the objectives of both parties.

2- Cooperation in publishing surveys among the segments targeted by the Ministry, which also fall within the scope of associations that Mukatafa covers.

3- Coordination between the relevant government agencies and private sector representatives, and holding of semi-annual workshops, to discuss the most prominent challenges and potential solutions to strengthen the relationship with the private sector and improve the efficiency of markets.

4- Holding a quarterly meeting that would bring together representatives from the Ministry and Mukatafa to discuss private sector achievements, challenges, and potential opportunities, and preparing a joint report on results and recommendations deriving from the meeting. The report is to be presented to the Minister of Economy and Planning, with the prospect of sharing the report with the relevant government agencies that may benefit from it.

5- Activating and sponsoring events to be organized by Mukatafa for its initiatives and projects, with the support of the relevant authorities to stimulate the private sector and enhance partnership with it.

6- Sharing opinions on different approaches to activate and develop draft regulations and legislations that support sectors represented by Mukatafa.

7- Activating private sector participation in support of the Productivity Growth Lab.

The MOU is part of MEP and Mukatafa’s efforts to coordinate and exchange knowledge to achieve the goals of Saudi Vision 2030, aiming to enhance the quality of services being provided to the private sector and facilitate the business environment in the Kingdom.