Meeting chaired by the Minister of Economy approves the final draft of the Unified National Classification of Economic Activities

 

An expanded meeting , chaired by the Minister of Economy, Industry, and Investment, Eng. Moeen Al-Mahaqri, approved the final draft of the Unified National Classification for all economic activities.

In the meeting, attended by Deputy Minister of Youth and Sports, Nabeeh Abu Shusaa, the Minister of Economy and Industry praised the efforts of the Economic Activities Classification Committee in completing the final draft of the Unified National Classification, which is compatible with the International Standard Classification (ISEC) Rev. 4.

He noted the interaction of government agencies, emphasizing that the final draft is a major achievement that contributes to the unification of data among government institutions, provides accurate readings for measuring national economic performance indicators, and enables decision-makers to make sound decisions that contribute to the regulation and development of economic activities.

He pointed out that the Ministry of Economy, Industry, and Investment will establish a dedicated department for the classification of economic activities to monitor all new activities and developments in the international and local markets, making the national classification flexible and able to accommodate new variables and activities emerging in light of the ongoing market dynamics.

Minister Al-Mahaqri considered the unified national classification a qualitative addition to the government’s economic stimulus program plans and improving the business environment by facilitating data exchange and processing, supporting decision-making policies, directing investments, and identifying development needs.

The Undersecretary of the Ministry of Economy for the Services Sector, Abdul Fattah Al-Thwaid, highlighted the importance of implementing the classification and establishing a unified coding for each entity, consistent with all its activities.

This will contribute to facilitating networking between government agencies, simplifying procedures, improving the business environment, and keeping pace with global economies.

During the meeting, which was attended by Assistant Undersecretary of the Ministry of Finance, Abdul Salam Al-Ahdal, Assistant Undersecretary of the Ministry of Economy, Industry, and Investment for the Foreign Trade Sector, Fouad Huwaidi, and representatives of relevant entities and organizations, the final draft was reviewed and approved after incorporating the comments submitted by relevant parties.