CEDA reviews role of reforms in diversification of economy and surge in non-oil revenues    79 hospitality facilities in Makkah and Madinah face penalties for closure order violations    Saudi Arabia hosts large-scale iftar banquets in Indonesia, Kyrgyzstan, and Malaysia    Saudi Arabia records 23,865 violations in nationwide residency and labor law inspections    S&P upgrades Saudi Arabia's credit rating to A+    Trump orders 'decisive' military action against Houthis in Yemen    US Senate passes Republican spending bill to avert government shutdown    Zelenskyy says territorial control key to peace talks, rejects recognition of occupied regions    Pakistan says train hijacking death toll rises to 30, accuses India and Afghanistan of supporting militants    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    Power bank likely caused South Korea plane fire, investigators say    Makkah Lanterns Festival returns for the eighth year as part of Ramadan activities    Crown Prince receives Yazeed Al-Rajhi after historic Dakar Rally 2025 victory    SR17 million fines slapped on 16 individuals and companies convicted of violating Capital Market Law    Saleh Al-Shehri's late penalty rescues Al Ittihad against Al Riyadh    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Argentinian court begins trial of seven healthcare professionals over Maradona's death    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Prince Frederik of Luxembourg dies from rare disease    Real-life shipwreck story wins major book award    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Good governance at Economic Council
Published in Alriyadh on 28 - 01 - 2017

Monitoring performance is important for optimizing efficiency in the public and private sectors. Transparency is equally important, and so is accountability, to bring about improvements and adopt sustainability practices. A work environment that is flexible, just and compliant is key to sustainable development – all of which boils down to the concept of governance.
The principles of governance applies to financial institutions, including banks and public stock corporations. All these institutions have a bearing on society in some form or the other. Therefore, it is imperative that they are transparent and are subject to audit and adhere to good governance.
The need for governance was felt all the more after the global economic crisis that hit most countries of the world. The Group of Twenty (G20) held their first summit during the crisis, and has been an influential force in monitoring economic performance globally.
Governance has also assumed added importance after many countries have adopted the public-private partnership model to shore up their respective economies. The private sector ensures that its systems remain efficient by assessing performance and eliminating errors to remain competitive and help create jobs.
But what about the government sector? How can it reach such a level of transparency?
Led by Prince Mohammed bin Salman, the Council of Economic and Development Affairs (CEDA) oversees all developmental affairs in the Kingdom including their planning and implementation. Following a mandate by the Cabinet to establish the necessary mechanisms, it has developed a unique governance model aimed at institutionalizing efforts and facilitating coordination between all stakeholders in development-related sectors.
There are three parties monitoring the performance of the Council: the Secretariat, Strategic Management Office, and Project Management. They use key performance indicators through periodic reports, and performance-monitoring dashboard for CEDA committees, thereby adopting good government practices.
As a result of this, constant improvements are being made within CEDA by restructuring of committees to upgrade performance levels centered on realizing the objectives of Saudi Vision 2030. CEDA has thus established an integrated governance model aimed at ensuring performance efficiency across the organization.


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