Relevant government bodies
Supreme Economic Council
This was formed in 1999 under the leadership of H.M. King Abdullah. The Supreme Economic Council is the coordinator between the Kingdom’s many economic agencies, integrating their activities, and facilitating effective decision-making on economic issues.
Saudi Arabian Monetary Agency (SAMA)
SAMA is the central bank of the Kingdom of Saudi Arabia, which is responsible for the following:
- Issues the national currency, the Saudi Riyal.
- Acts as a banker to the government.
- Supervises commercial banks.
- Manages the Kingdom’s foreign exchange reserves.
- Conducts monetary policy for promoting price and exchange-rate stability.
- Promotes the growth and ensures the soundness of the financial system.
Ministry of Economy and Planning
The Ministry of Economy and Planning works to ensure that all government agencies work in a well-coordinated and well-informed manner to achieve the Kingdom’s economic priorities.
The Ministry of Economy and Planning is responsible for the following functions:
- Prepares a periodic economic report on the Kingdom, featuring analysis of the economy, progress made and likely developments.
- Prepares the five-year development plan.
- Estimates the magnitude of financial resources required for the implementation of the development plans approved by the Council of Ministers.
- Conducts economic studies as required, submits the findings, and collects, analyzes and publishes statistical data in economic, social and demographic fields.
Saudi Industrial Development Fund
The Saudi Industrial Development Fund participates in the financing of development projects in developing countries. SIDF makes its contributions through direct soft loans to the governments of these developing countries, with no geographical exclusion or pre-conditions. SIDF assigns priorities to the least developed, lowest-income countries.
Saudi Industrial Property Authority (Modon)
Established by legislation in 2001, Modon is responsible for developing and supervising industrial land in the Kingdom. Modon's mission is to undertake, as an independent public agency, the regulation and promotion of Industrial Estates and Technology Zones in the Kingdom of Saudi Arabia on both public and private industrial lands and to encourage the private sector to become involved in the development, operation and maintenance of Industrial Estates and Technology Zones.
Ministry of Commerce and Industry
Established in 2003, the Ministry of Commerce and Industry is responsible for all aspects of commercial and industrial activity in the Kingdom.
Chambers of Commerce
With the expansion of the Kingdom's economy and the need to consolidate the commercial base, the network of Chambers of Commerce has played an increasingly active role in the development of the Kingdom's commercial activity. The Council of Saudi Chambers is based in Riyadh.
Ministry of Labor
The Ministry of Labor is responsible for the development and use of the Kingdom's human resources, including manpower planning, labor relations and the general monitoring of all matters relating to employment, such as labor visas.
Ministry of Social Affairs
The Ministry of Social Affairsis is responsible for social insurance, and social care and development. It has charities and co-operative societies, as well as social research, within its jurisdiction.
In keeping with the Kingdom's Islamic foundation, the Ministry is charged with ensuring that the less fortunate citizens of Saudi Arabia, the physically or mentally handicapped, the aged and the destitute, are cared for within a humane society. Throughout the Kingdom, facilities for the disabled and those needing rehabilitation have been established.
General Directorate of Passports
- The General Directorate of Passports has responsibility for implementing and monitoring policies and programs related to residency and human traffic within Saudi Arabia, such as:
The Iqama (Residence Permit) System organizing expatriate arrivals in the Kingdom and related visa, registration and renewal issues.
- Monitoring and regulation of arrivals and departures of individuals into and out of the Kingdom.
- The regulation and monitoring of companies and establishments that employ non-Saudis and aliens.
Department of Zakat and Income Tax (DZIT)
As part of the Ministry of Finance and National Economy, the Department of Zakat and Income has responsibility for tax policy and tax collection in the Kingdom.
General Organization of Social Insurance (GOSI)
The General Organization for Social Insurance (GOSI) administers the Kingdom's national insurance program by paying allowances and other compensations to individuals and families in the Kingdom.
Ministry of Municipalities and Rural Affairs
Established in 1975, the Ministry for Municipal and Rural Affairs is responsible for the administration of municipalities throughout the Kingdom. Its primary functions include town and city planning, as well as the development and maintenance of the basic infrastructure.