Saudi finance ministry to supervise non-oil revenues, says Al-Jadaan

Saudi Arabia has shifted the supervision of non-oil revenues to the finance ministry from the Council of Economic and Development Affairs (CEDA), finance minister Mohammed Al-Jadaan said on the sidelines of the annual forum of the Saudi Economic Association.

The shift came as part of the finance ministry’s strategic plans to increase public finance governance, boost non-oil revenues and also increase the efficiency of spending on government projects in line with the Saudi Vision 2030.

In addition, the ministry has set up units to improve institutional capacity to improve financial planning, the finance minister added.

Commenting on the Saudi government decision to cut tax on hydrocarbon producers, Al-Jadaan said: “A system that meets international standards with a 50 percent tax on oil companies will definitely attract foreign and local investments.”

Meanwhile, economic diversification is still a major challenge to emerging and developing countries and diversification from oil is the main pillar for the kingdom’s development plans, Al-Jadaan added.