RIYADH: 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.
