Supreme Economic Council

On the 30th August, 1999, a royal decree was issued by Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz announcing the formation of the Supreme Economic Council. The eleven-member Council was to be chaired by Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard. The decree said the formation of the new body had been prompted by the crucial role played by economic affairs in the countries of the world, their direct influence on the interests of citizens and the need to involve a wide circle of contributors in economic policy-making in the changing economic world of today.

The statement confirmed that the economic policy of the Kingdom was based on the pillars of comprehensive social welfare, the concept of a free economy, and a free market for capital, goods, services and products in order to secure the following goals:

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Profile of Saudi Arabia

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