RIYADH: Economic data is set to be enhanced in Saudi Arabia after the General Authority for Statistics signed an agreement with a leading business group.

The goal of the newly signed memorandum of understanding is to contribute to the development and enhancement of information that supports policymakers in both the public and private sectors.

The head of the General Authority for Statistics, Fahad Al-Dosari, met with representatives at the Federation of Saudi Chambers headquarters in the presence of its Acting Secretary-General, Walid Al-Areinan, according to Saudi Press Agency.

During the gathering, Al-Dosari briefed the attendees on the pivotal position played by the authority in providing economic data and indicators.

He also outlined the steps taken by the body as part of its strategic transformation to improve its statistical products.

The discussion emphasized the private sector’s role in enhancing the authorities’ efforts and fostering integration between them to develop economic indicators and statistical data through information collection and analysis.

The MoU, signed by Al-Dosari and Al-Areinan, affirmed collaboration in exchanging experiences and information.

This partnership aims to enhance statistical activities and awareness programs within the private sector regarding the function of the authority and the importance of enabling it to fulfill its national duties.

The agreement includes participation in statistical surveys, cooperation in raising the quality of economic data, facilitating access to information, exchanging visits between experts and specialists in statistical fields, and utilizing databases and information in common areas.

Al-Dosari emphasized that the meeting between the authority and the private sector is part of elevating performance in terms of developing statistical products and indicators.

It aims to identify the needs and opportunities for the private sector in the field of information and statistical data, fostering positive collaboration and benefiting from advanced statistical programs to increase business and investment opportunities in various sectors.

The acting secretary-general highlighted the importance of collaboration between the General Authority for Statistics and the private sector, stressing the complementary roles played by both parties, with companies and institutions being the main data sources.

The statistics provided by the authority are crucial for the business division in studies, analyses, and making strategic decisions.

He expressed optimism that this partnership will meet the needs of both parties and contribute to understanding economic statistical developments and future trends to develop products and opportunities for the private sector, supporting national economic growth and sustainable development in line with Vision 2030.

FSC acts as an umbrella for the business sector and chambers of commerce and industry in the Kingdom.

It works toward observing the common interests of these entities, representing them on the local and international levels, and fostering their contribution to the national economic development process.