Ministry of Finance

Ministry of Finance

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7HP8MP39+C2, طريق عمر بن الخطاب،, الملز، الرياض 12641, Riyadh, Riyadh Province, Saudi Arabia
Ministry of Finance
Ministry of Finance
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Ministry of Finance

7HP8MP39+C2, طريق عمر بن الخطاب،, الملز، الرياض 12641, Riyadh, Riyadh Province, Saudi Arabia


The Ministry of Finance sets effective financial policies and manages financial resources to attain stability, economic growth, and financial sustainability. It also enhances expenditure efficiency

Historical Background

​When instructions were issued by the Kingdom of Hejaz that financial matters were to be managed by a finance directorate, a single entity in the form of a General Directorate of Finance was established on 14/10/1927 . Royal Order No. 381 was issued on 14/5/1932 . changing the name of the General Directorate of Finance to the Ministry of Finance, thus becoming the second ministry to be established after the Ministry of Foreign Affairs. The Ministry of Finance was made responsible for regulating, managing and securing the collection of state funds, and their expenditures, and became the general authority for financial matters in the Kingdom of Hejaz and Nejd and its subsidiaries. In 1936, as the activities of the Ministry of Finance expanded in scope, a number of general directorates were established within the ministry, including the Petroleum and Minerals Directorate, the Public Works Directorate, and the Customs Directorate, in addition to special bureaus concerned with corporations, development projects, cash, Zakah, revenue, and Hajj Affairs. The Personnel and Retirement Bureau was established in 1938 . followed by the Agriculture Directorate in 1948, and on 16/4/1955 , a Communications Agency was established within the Ministry of Finance, and included the Electricity and Postal Directorates and the Roads and Railway Authority. In order to meet the requirements of economic expansion, Ministerial Order No. 518 was issued on 9/8/1951 establishing a bureau to monitor economic affairs and issues related to various international organizations set-up in accordance with the Security Council resolutions and the United Nations decisions, and also official regional conferences. Royal Decree No. 1697 was issued on 27/6/1953 establishing the Ministry of Economy to replace the Bureau for Economic Affairs. Royal Decree No. 31 was issued on 4/9/1954 merging the Ministry of Economy and the Ministry of Finance into a single ministry called the Ministry of Finance and National Economy. Royal Order No. 2/A was issued on 1/5/2003 transferring responsibility for economic activity from the above-mentioned ministry to the Ministry of Planning, and thus changing the name of the Ministry of Finance and National Economy to the Ministry of Finance, and the name of the Ministry of Planning to the Ministry of Economy and Planning.​

 MOF Strategy


​​Our vision​

A leading ministry that enables Saudi Arabia to be among the world's 15 largest economies by 2030 through a distinct financial system.


Our Mission

Developing effective financial policies and managing financial resources to achieve economic growth stability, financial sustainability, increasing spending efficiency, and strengthening partnerships with the private sector through effective governance; as well as supporting the Kingdom’s influence on the regional and international financial community.


Our Values

     Transparency     Commitment      Partnership      Accomplishment


  ​Pillars Key Performance Indicators  programs   ​Projects

Developing sustainable financial systems

​11 11 36
2.png ​Allocating and managing financial resources effectively 6 8 58
1.png Improving quality of financial accounts and promoting transparency 4 2 32
4.png Optimal utilization of state assets and innovative financing ​ 5​ 3 12​
5.png Promoting KSA position regionally and internationally 1​ 0 2​


Key Performance
 programs   ​Projects

Enabling MOF digital transformation

4 5 34
7.png Qualifying human resources within a productive environment 5 5 31
6.png Promoting change and communication management 4 6 47

Overview on strategic programs


Program for Preparing medium-term public finance framework

Weakness in financial planning and identifying budget forecasts leads to limited vision of the state financial position on the medium and long run. For this reason, the current financial policy plays a limited role in formulating determinants and trends of spending that shall be based on financial rules and according to financial policy and macroeconomic standards.


Program for Developing revenue policies

Currently, KSA significantly depends on oil revenues, leading to fluctuation of state revenues according to price movement up and down, and given that the most prominent objective of “2030 Vision” is diversifying sources of non-oil revenues, Non-Oil Revenues Development Unit has in the past three years led suggestion and application of updates to non-oil revenues and developing a roadmap until 2020. In line with the objectives of 2030 Vision, MOF shall adopt and contribute to growth of non-oil revenues within the current policy, and develop policies to diversify growth of non-oil revenues beyond 2020 to achieve KSA objectives and trends in diversifying sources of revenues.


Program for Maximizing financial revenues from GAZT

Revenues generated by GAZT are a key income source of KSA non-oil revenues. Given that KSA challenge is to diversify sources of income, GAZT will launch initiatives to increase non-oil revenues from Zakat and taxes.


Program for Maximizing government revenues from Saudi Customs Authority

Revenues generated by Saudi Customs Authority are a key income source of KSA non-oil revenues and given that KSA challenge is to diversify sources of income, Saudi Customs Authority will launch initiatives to increase non-oil revenues generated by Saudi Customs Authority.


Program for  Developing debt policy and establishing Debt Management Office

Proceeding from trends of structural, economic and financial reforms included in Vision programs plan, with the aim to apply and realize KSA Vision 2030, and in line with MOF responsibility and mandate, this program seeks to secure KSA financing needs with the best possible costs in the short, medium and long run, so that risks are aligned with KSA financial policies.


Program for Capacity building for managing financial risks

Economic exchange and financial dealing always involve risks with varying and different degrees Therefore, MOF needs to possess advanced and suitable capacities for managing financial risks in a comprehensive and integrated manner, qualifying MOF to develop all effective studies and solutions to avoid and mitigate effects of financial risks


Program for Improving budgeting process

Budgeting process is one of the most important phases of budget application in the coming years. Given that MOF was not adopting a clear advanced standard methodology for preparing annual budgets, through which it can identify required critical data that helps evaluation of budget requests, which led to exaggeration of government agencies in budget requests, compared to objectives and works to be executed, and in line with MOF efforts to achieve Vision programs goals as well as objectives of “2030 Vision”, MOF will continue development of a budgeting mechanism in line with KSA economic trends and priorities.


Program for Improving budgeting implementation process

Poor control of government spending has led to ineffective spending, which contradicts KSA objectives and trends to improve efficiency and level of spending, therefore MOF and Spending Rationalization Office will review and control government spending, and compare actual spending and revenues against the determined spending and revenues according to approved budget, seeking to achieve KSA objectives


Program for Improving cash management and applying state treasury unified account

State treasury unified account is a key tool used by countries in many occasions to better manage cash transparently. The account is a unified structure of government banking accounts, allowing unification and optimal utilization of government cash resources It is necessary to apply this account state-wide, since there are various varying accounts opened with SAMA and commercial banks, where there is no unified clear vision about cash status.


Program for Improving Government Tenders and Procurement Law

There are a number of provisions in the current applicable law that do not keep abreast of the growth and changes in government projects and awarding and follow-up procedures. These provisions provide for awarding to the least-priced proposal, without even considering technical aspects and desired quality, therefore this program was established to review currently applicable Government Tenders and Procurement Law and its Implementing Regulations in order to achieve implementation of government projects and secure government procurement effectively and efficiently.


Program for Improving Government Accounting System and accounting auditing standards

Accounting system and accounting auditing play an important and effective role in financial control and material contribution to decision-making. Development of accounting system contributes to improving plans and forecasts through building an integrated vision about state assets and obligations.


Program for promoting management of state-owned assets

KSA aims to benefit from investing its resources to diversify economy and unlock promising potentials. Continued privatization of state-owned assets, including pioneering companies and other lands and assets would achieve additional and varying returns to the economy, and thereby increased resources.


Program for Developing framework of returns forecasts

There is no unified vision about government returns and obligations, given that there are unexploited opportunities to improve returns on state-owned assets and reserves, therefore the program aims to provide transparency over government financial returns through development of a framework for returns forecasts and mechanisms for taking investment decisions, which would contribute in turn to optimal utilization of assets and reserves, and empowering the state achieve the expected returns.


Program for Identifying returns forecasts and PPP opportunities

KSA faces PPP challenge, where there is no clear forecasts of returns on assets cost and added value, therefore focus must be placed on implementing PPP initiatives and identifying optimal opportunities for PPP and its conditions in legal, financial and technical frameworks that are in line with MOF policies and trends.


Program for Promoting international presence

In light of the role played by MOF in representing KSA in a number of regional and international financial organizations and institutions, MOF will continue promoting its effective international presence and participation in international financial organizations and institutions in coordination and cooperation with its external partners, in order to provide advice and supporting opinions, guiding the desired agenda.


Program for Digital transformation

In light of KSA journey to 2030 Vision, and national programs, including National Transformation Program, in order to adopt, support and apply transformation into e-transactions and digital transformation of services provided by government agencies, and seeking to activate this role, MOF desires to develop its digital transformation plan through launching an integrated program of applications, solutions, infrastructure, that will contribute in applying an integrated digital system


Program for Business Intelligence

Based on importance of information in supporting KSA trends in light of 2030 Vision and 2020 National Transformation Programs, and the huge role played by MOF as a key player in supporting decision-taking, accuracy of information and statistical reports is an important theme, and given that MOF possesses business intelligence system that works to employ state of art technology in use of accurate real-time information of high qualitative value, in relation to MOF sphere of business, and significantly reliable data obtained from various sources, and applying the experiences gained with the aim of improving and developing quality of decisions to be taken based on these information, thereby helping to take the right decision timely to be applied correctly and properly.


Program for Developing staff and attracting efficient qualified persons

MOF performance quality depends on human resources. Staff success radically impacts on the effective performance of assigned tasks. This requires significant efforts of effective training, development, monitoring and participation by the employer and the employer as well. MOF shall provide and create opportunities necessary to empower employee to continuous follow up and permanent access to everything that adds to his functional capabilities and acquiring new skills that help him to achieve excellence through ongoing professional training and courses of raising performance efficiency.


Program for MOF Restructuring

Restructuring is a well-considered change process of official relationships between official units in the department to increase and improve efficiency and effectiveness, remove barriers that reduce productivity, hinder movement of transformation and natural interaction between variables associated between the department, through making effective radical changes in situations, methods and prevailing administrative concepts to optimally improve managed and rationalized use of available and potential resources and increase efficiency, effectiveness and productivity in administrative units in MOF.


Program for Internal and External Communications Department

MOF Vision is based on a strategy that depends on material values, aiming to be a pioneering ministry empowering KSA to be listed among the top 15 economies around the world by 2030, through distinguished financial system. Strategic Communications and Information Agency shall play an important role for the benefit of MOF, by launching and representing its new identify internally and externally to reflect MOF efforts properly.


Program for Change Management

There is no doubt that the present era is one of rapid transformations and changes around the world, and MOF now witnesses mobility and dynamicity to shape its future desired by its wise leaders. Change management shall be a planned and meaningful process rather than an automatic spontaneous process responding to exogenous factors. 


Program for Performance Management System Design

In continuation of efforts of transformation and achieving MOF vision and trends, VRO shall depend on a centralized system for tracking, reporting and monitoring in order to supervise the progress made. This system will comprise of digital dashboards and governance frameworks directly associated with KPIs, progress and achievements of projects, thereby increasing efficiency rate of achievements and addressing any slowdown or failures. 




Indicator Description
Budget deficit to GDP (%) This KPI measures percentage of deficit in budget compared to real GDP, where KSA aims to reduce deficit to GDP ratio gradually to reach financial balance by 2030, through control of government spending, enhancing sustainable revenues, together with working on development of an effective approach in managing debts and maintaining suitable credit rating.
 Total non-oil revenues This KPI measures KSA total non-oil revenues in general.
 Total debt to GDP ratio (%) This KPI measures total government issuance of sukuks and bonds to GDP ratio, where KSA tends to issue debt instruments as one of sources of finance to cover deficit until 2023, thereby ensuring financial sustainability and credit position.
 KSA credit rating  This KPI measures credit worthiness of state bond issuers, i.e. country's ability to repay debt or invest therein, and this rating issued by independent institutions, either positive or negative, is reflected on investor's confidence in the country.
Non-oil revenues coverage out of total budget This KPI measures percentage formed by non-oil revenues out of total government spending to follow up coverage of most sustainable and stable revenues, such as taxes, fees and fines, to meet requirements of estimated spending and reduce reliance on oil revenues.
Revenues deviation from budget  This KPI measures real government revenues to targeted revenues to reduce possible deviations in revenues for every agency, in order to promote the principle of financial responsibility, motivate government agencies to reach their financial targets.
Percentage of spending deviation from budget (%) This KPI measures real government spending to targeted spending to reduce possible deviations in spending for every agency, in order to promote the principle of financial responsibility, motivate government agencies to reach their financial targets.
 Grade achieved in Open Budget Index Open Budget Index is an international independent index measures how centralized governments provide information about budget and allow opportunity for participation in budgeting phases. This index ranks countries through use of a 100-degree index.
Percentage of +60 day past due payment orders received by MOF  This KPI measures +60 day past due payment orders as of receiving completed request by MOF. 
Average time spent to award tenders This KPI measures average period spent by tender as of envelopes opening until award.
Percentage of real estate assets registered in the system. This KPI measures percentage of state-owned real estate assets registered in the system so that they can be optimally managed and exploited.
Percentage of return on state-owned assets capable of commercial exploitation. This KPI measures percentage of financial return on state-owned assets allocated for commercial use to their commercial value, with the aim of diversifying sources of income and optimal exploitation of state assets.  
Percentage of applying recommendations proposed by MOF during international participations This KPI measures percentage of applying proposed recommendations in international and regional conferences attended by MOF, with the aim of measuring quality of MOF recommendations and ability to have impact in international forums.
 Percentage of key operations implemented through digital platforms This KPI measures percentage of automated key institutional operations activated through digital platforms, in order to achieve and support MOF digital transformation, and raise quality and efficiency of services delivered.
Capacity building index This KPI measures MOF efforts in capacity building through measuring the number of employees who were provided with functional development plans to MOF total number of staff, with a view to increase the number of functionally developed employees, thereby contributing to qualifying human resources within a productive environment.
Grade achieved in Organizational Health Index This KPI measures how far employees are satisfied, being a reliable tool to assess morale of MOF workforce and ensure their acceptance of strategic transformation efforts according to nine themes:  Trend, coordination, accountability, leadership, learning and innovation, external trend, motivation, capabilities and environment.



7HP8MP39+C2, طريق عمر بن الخطاب،, الملز، الرياض 12641, Riyadh, Riyadh Province, Saudi Arabia