1960
Ministry of Finance and National Economy
The Ministry of Finance is the first and oldest ministry in the Kingdom since it was founded by King Abdulaziz. During the reign of King Saud, it was modified to contain the following departments: the Directorate General of Hajj, Oil and Minerals interest, the Department of Zakat and Income, General Customs Directorate, the Saudi Arabian Monetary Agency, Directorate of Economic Affairs. It was assigned to prepare for projects regulations related to the financial and economic policy of the kingdom, and also monitor cash and revenue and foreign capital investment. Also, the study of the franchise agreements, as: giving the concession to the Saudi-Japanese Petroleum Company, natural gas, iron, cement, gypsum, and the study of payment agreements and trade exchange, which are held with Arab countries and other friendly countries.