The Ministry of Finance is the government body responsible for proposing public fiscal policies and plans to achieve economic growth and stability, managing sustainability and efficiency of fiscal resources, and following up on their implementation. It is also responsible for regularly developing fiscal, tax and customs regulations, in addition to supervising and protecting state properties and proposing the optimal ways to exploit them.
Historical Background
The Saudi Ministry of Finance is one of the oldest ministries in the history of the Kingdom of Saudi Arabia. It was established in 1925 under the name "Directorate of Public Finance for Financial Affairs" during the reign of King Abdulaziz bin Abdulrahman Al-Saud in Makkah region. As its operations expanded, it was transformed into the "Agency of Public Finance" in 1928. The agency's functions developed significantly, leading to a royal decree in 1932 to convert the agency into a Ministry of Finance, responsible for organizing and safeguarding state funds, collecting revenues, securing its income and expenditures, and serving as the general reference for finances across all regions of the Kingdom. The first Minister of Finance was Sheikh Abdullah bin Suleiman Al-Hamdan. In 1954, the Ministry of Economy was merged with the Ministry of Finance, becoming the "Ministry of Finance and National Economy," and its headquarters was relocated to Riyadh. After merging the economic activities with the Ministry of Planning, the Ministry's name was changed to "Ministry of Finance" in 2003.
During the modernization phases that the Kingdom experienced in the early years of its establishment, the Ministry of Finance expanded its operations. From 1936, several directorates were established under the Ministry umbrella, including the General Directorate of Petroleum and Minerals, the General Directorate of Public Works, the General Directorate of Customs, the Directorate of Agriculture and Water, and the Affairs of Hajj, Endowments, and Broadcasting, as well as the Bureau of Employees and Retirees, the Labor System, the Institute of Public Administration, and the Agency of Transportation and Communications, which oversees the Directorates of Telegraph and Postal Services, the Directorate of Roads, and the Railways. Additionally, there are developmental funds such as the Real Estate Fund, Industrial Fund, Lending Fund, Agricultural Bank, and Public Investments, along with government agencies like the Zakat and Income Authority, the Retirement Authority, and the General Statistics Authority, as well as dedicated offices for companies and urban projects.
Throughout its historical journey of over eight decades, the Ministry of Finance has seen 13 ministers and has executed numerous national and developmental projects, the most notable being the massive royal expansions of the Grand Mosque in Makkah and the Prophet's Mosque in Madinah, the King Fahd Bridge between the Kingdoms of Saudi Arabia and the Kingdom of Bahrain, Princess Nora bint Abdulrahman University, conference centers, government complexes in various cities of the Kingdom, accommodation centers, and border crossings with their respective residential areas.
Vision
To become a pioneering Ministry that positions the Kingdom of Saudi Arabia among the world's 15-largest economies by 2030 through an exemplary financial system.
Mission
To develop effective financial policies, manage financial resources, and achieve stability, economic growth, fiscal sustainability, increased spending efficiency, and strong partnerships with the private sector through effective governance. Furthermore, we aim to exert regional and international influence in the financial community.
Values
- Transparency: We uphold transparency in our dealings, communications, and knowledge exchange as an inherent value that enhances our credibility.
- Partnership: Recognizing the importance of our role, we strive to serve our partners, meet their needs, and help them achieve their goals.
- Commitment: We are committed to enabling the nation's renaissance and achieving its vision through insightful planning and responsible action.
- Achievement: Achievement is our hallmark—representing evidence of our culture of excellence—and we strive to accomplish our goals with precision and diligence.
- Empowerment: We empower entities to manage their financial affairs effectively, and enable future leaders in public finance.
Strategic Objectives
- Developing sustainable fiscal policies
- Allocating and managing financial resources effectively
- Improving quality of financial accounts and promoting transparency
- Optimal utilization of state assets
- Promoting KSA position regionally and internationally
Roles and Responsibilities
- Enabling digital transformation.
- Qualifying human resources within a productive environment.
- Promoting change and communication.