Exhibit 1: Saudi Vision 2030 Governance Model
Defining Council of Ministers Support Units directions and making
decisions Council of Economic and Finance Committee
Development Affairs
| (CEDA)
CEDA’ Public Strategy Committee Project Level 2 Fi Investment _ Developing Strategic Mmiewnrnent Carn nelcian strategies eam at
Ministry of CEDA
Management Office
2 MIU gun NO
Performance Initiatives Management
BB selection of programs adopted inVision 2030 gi Additional programs under consideration
Source: Saudi Vision 2030
A web of Strategic Programs
Saudi Vision 2030 incorporates a number of Executive Programs and initiatives, with implementation carried out by several government entities. The Vision continues to centralize decision-making into CEDA, chaired by Deputy Crown Prince Mohammed bin Salman, and reporting to the Council of Ministers. The Ministry of Economy and Planning also retains an important role, with lower emphasis being put on the Ministry of Finance. The Project Management Program also suggests emphasis on ongoing review of capital expenditures, whereby existing review served to examine their approval process, and control their level. From a macro perspective, the three most important programs for now are: a) the re-shaping of the Public Investment Fund (PIF) into a USS2trn Sovereign Wealth Fund (SWF); b) the new corporate strategy for Saudi Aramco to transform it into an energy and industrial conglomerate; and, c) the National Transformation Plan (NTP) which encompasses medium-term growth boosting initiatives and fiscal consolidation measures (alongside the Fiscal Balance and
Privatization Programs). We discuss these three elements in turn below.
Table 1: Strategic Programs introduced by the Saudi Vision 2030
Strategic Program Government Restructuring Program
Strategic Directions Program Regulations Review Program
Performance Measurement Program
Human Capital Program
Program for Strengthening Public Sector Governance Strategic Partnerships Program
"Daem" Program
Private Sector Growth Stimulation Program Regional Development Program
Fiscal Balance Program
Project Management Program
Saudi Aramco Strategic Transformation Program Public Investment Fund (PIF) Restructuring Program Privatization Program
National Transformation Plan Program
Source: Saudi Vision 2030, BofA Merrill Lynch Global Research
Comment
Supreme Councils have already been implemented, and the Council of Political and Security Affairs and the Council of Economic and Development Affairs (CEDA) have been established
Strategic directions determined by state agencies and approved by the government
Several laws have been reviewed or enacted already such as the Company Law, the Non-Governmental Organizations Law, the White Land Law, and the General Authority for Endowments (Awqaf) Law
Center for Performance Management of Government Agencies has been established
Aims to measure, assess, analyze and support the efficiency of civil service
Strategic Management Office reporting to CEDA as well as a Decision Support Center at the Royal Court are to be established Aims for stronger ties with economic partners to enhance exports
Aims to enhance the quality of cultural activities and entertainment
Under consideration
Under consideration
Likely target of achieving fiscal balance by 2020
Expert Project Management Offices (PMOs) and a Central Delivery Unit have been established
Aims to position Saudi Aramco as a leader in more than one sector
Aims to transform the PIF into the largest Sovereign Wealth Fund (SWF) in the world
Comprehensive privatization program; targets under study
Interim Key Performance Indicators (KPI) targets to achieve by 2020
OS Merrill Lynch
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