Arab News, Monday, Mar 13, 2023 | Sha'ban 21, 1444
Saudi Economy Ministry, Mukatafa sign MoU to help private sector align with Vision 2030
Saudi Arabia: Saudi Arabia’s Ministry
of Economy and Planning has partnered with Riyadh-based private consultancy
firm Mukatafa to improve the Kingdom's development plans and enable sustainable
growth.
As part of the memorandum of understanding signed,
both entities will work toward evaluating and aligning governmental policies
with the goals of Saudi Vision 2030. Mukatafa, founded by Prince Waleed bin
Nasser, works within the private sector to mobilize leaders and raise industry
standards by reviewing and developing policies.
The MoU is aimed at supporting the private sector
by analyzing challenges, accomplishments, and potential opportunities in the
Kingdom. It will also enable cooperation in identifying solutions to achieve
robust results.
Both will collaborate on developing research,
studies, reports, and indicators targeted by the ministry and linked to sectors
represented by Mukatafa that meet both parties’ objectives.
The agreement also includes publishing surveys
among the ministry’s target segments, which also fall within the scope of
associations covered by Mukatafa.
It will also include coordination between key
government agencies and representatives from the private sector. They will
hold semi-annual workshops to address the most pressing concerns and potential
solutions to reinforce the relationship with the private sector and increase
market efficiency.
The cooperation will include holding quarterly
meetings where representatives from the ministry and Mukatafa will
discuss pressing issues impacting the private sector -- outcomes and
recommendations of which will be shared with other government agencies that
might benefit from it.
Furthermore, it includes activating and
funding Mukatafa events for its initiatives and programs, with the cooperation
of competent authorities, to stimulate the private sector and strengthen
partnerships with it.
In addition, it includes sharing perspectives on
various approaches to develop draft regulations and legislation to support the
sector represented by Mukatafa. The agreement will also encourage private sector
participation in the Productivity Growth Lab.
The agreement is part of the
ministry and Mukatafa's efforts to collaborate and
exchange expertise to accomplish the objectives of Saudi Vision 2030, which aims
to improve the quality of services offered to the private sector
and facilitate the Kingdom's economic climate.