The Ministry of Economy and Planning (MEP) ( ar, وزارة الاقتصاد والتخطيط) is one of the governmental bodies of

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...

and part of the cabinet. The ministry has the function of developing and implementing five-year plans which reflect the long-term economical targets of the country.

History

The ministry of economy and planning was established in 1953. However, the body was not functional and was disestablished in 1954. The ministry of economy and planning was formed in 2003 when the ministry of planning and economy department were merged. Until 2003 the ministry of economy and planning was in charge of development and implementation of five-year plans. The ministry is based in

Riyadh Riyadh (, ar, الرياض, 'ar-Riyāḍ, lit.: 'The Gardens' Najdi pronunciation: ), formerly known as Hajr al-Yamamah, is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of th ...

. Since its foundation in 2003, the ministry has been headed by three ministers. The first minister was Khalid bin Mohammed Al Gosaibi who was appointed to the post in April 2003. Mohammad Al Jasser was the minister of economy and planning from December 2011 to April 2015. Adel Fakeih was appointed the minister of economy and planning in April 2015. The current minister is Faisal F. Alibrahim who was appointed as acting minister on 6 March 2020 replacing

Mohammed Al-Jadaan Mohammed Al-Jadaan ( ar, محمد بن عبد الله الجدعان; born 1963) is a commercial lawyer and co-founder of Al-Jadaan and Partners Law Firm who has served as Saudi Arabia's minister of finance since November 2016 and concurrently as ...

Functions

The major function of the ministry is to prepare the

development plan A development plan sets out a local authority's policies and proposals for land use in their area. The term is usually used in the United Kingdom. A Local Plan is one type of development plan. The development plan guides and shapes day-to-day dec ...

s of the country. It has various major agencies including the central department of statistics and the national computer center.

References

{{DEFAULTSORT:Ministry of Economy and Planning 2003 establishments in Saudi Arabia Saudi Arabia, Economy and Planning Economy of Saudi Arabia

Economy An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...