The Ministry of Economy and Planning has signed a memorandum of understanding with the Saudi Data and Artificial Intelligence Authority (SDAIA) with the aim of maximizing the benefits of data analysis and artificial intelligence models in building studies and indicators that support achieving shared strategic goals, thereby enhancing the sustainability of development and economic diversification in the Kingdom by utilizing data analysis and scientific evidence in public policy-making.
The memorandum was signed by Minister of Economy and Planning, Faisal bin Fadl al-Ibrahim, on behalf of the Ministry, and Dr. Abdullah bin Sharaf al-Ghamdi, head of SDAIA.
The memorandum includes enhancing cooperation between the two parties in several areas, including the development of monitoring indicators and measuring the impact and effectiveness of national policies, programs, and initiatives from both economic and social perspectives. Additionally, it aims to support the Ministry’s objectives by developing content in the Foresight platform based on data available in the National Data Bank, as well as analytical and modeling capabilities.
The memorandum also aims to increase the effectiveness and ensure the regular evaluation of economic policies and government programs that have a significant impact on the economy and society, both before and after their implementation.
It included provisions to enhance cooperation and participation between the two parties according to their respective competencies, which strengthens integration in designing economic and social policies and conducting economic studies and reports linked to scientific and economic theories and evidence, aligning with the local economic context of the Kingdom based on evidence derived from data-driven models and analyses.
The memorandum of understanding represents a new step in the Ministry's ongoing efforts to support and develop economic policies and development plans, as it supports achieving the strategic goals of both parties, while keeping pace with global developments in the field of data and artificial intelligence, and enhancing economic growth to achieve the objectives of Saudi Vision 2030.
