The competences of the Ministry of Economy shall be amended to be as follows:

• Propose and prepare the economic and commercial policies, strategies, and legislations for the foreign trade, consumer protection, intellectual property, SME investments, entrepreneurship, corporate affairs, and tourism to realize the State's economic development, in coordination with the concerned authorities, and supervise implementation thereof after being approved by the Council of Ministers;
• Encourage transformation towards an integrated economic model for the future and develop a national economic plan - focusing on the State's vital priority economic sectors - to realize the knowledge and innovation-based competitive, comprehensive and sustainable economic growth, in coordination with the relevant authorities, and supervise implementation thereof after being approved by the Council of Ministers;
• Develop the organizational environment to enhance the knowledge economy, transfer the knowledge to the national companies, and increase the productivity and competencies;
• Prepare the business environment, attract the talent, contribute to preparing an attractive investment environment, and supervise implementation of initiatives and programs related to the Ministry's competences in coordination with the concerned authorities and in accordance with the governing legislation to this end;
• Enhance the State's foreign trade to enhance development of the non-oil exports and realize diversity in the exporting and importing countries to ensure strong national economy, propose the programs and initiatives required for enhancing the State's commercial exchange and promotion, and supervise implementation thereof in coordination with the relevant authorities;
• Manage the overseas foreign trade offices in coordination with the Ministry of Foreign Affairs;
• Combat the harmful commercial practices, including dumping, in accordance with the governing legislation to this end;
• Develop the organizational environment which supports the SMEs and entrepreneurship, propose the necessary programs and initiatives for development thereof, and supervise implementation thereof in coordination with the concerned authorities, and in accordance with the governing legislation to this end;
• Regulate the non-financial businesses and professions specified to combat the crimes of money laundering, terrorism, and illegal organizations in the State with relation to the Ministry's competences and the requirements for the real economic activities;
• Follow up the State's economic performance and economic forecasts, monitor and evaluate the volume and annual flow of the foreign investment in the small and medium enterprises, evaluate the business environment and the national economy's competitiveness, in coordination with the concerned authorities, including the free zones, and submit reports thereon to the Council of Ministers;
• Supervise update and development of the State's national economic register system in coordination with the concerned authorities;
• Regulate the corporate and trade affairs, through the modern technologies, trade agencies, and certificates of origin, in accordance with the governing legislation to this end;
• Regulate, supervise and monitor the audit profession in accordance with the governing legislation to this end;
• Regulate the intellectual property protection, encourage the innovation and creativity, register the intellectual property, patents and trademarks, and enhance the State’s contribution in this field at the international level, in accordance with the governing legislation to this end;
• Develop the economic concentration, competition, consumer protection, and combating deception in trade system in accordance with the governing legislation to this end;
• Develop and regulate the State's tourism sector, propose the necessary programs and initiatives for tourism development and promotion, and supervise implementation thereof in coordination with the concerned authorities;
• Develop and regulate the State's cooperative societies sector in accordance with the governing legislation to this end;
• Manage the State's strategic food stock in coordination with the concerned authorities;
• Create and organize a comprehensive base of the Ministry's competences information and data at the state level in coordination with the concerned authorities, and realize integration therewith in information and data exchange;
• Conduct specialized studies and research in the Ministry's competences-related areas, including monitoring and analyzing the regional and global phenomena, risks, and directions;
• Propose accession to the international treaties and conventions and sign thereon, and propose concluding or accession to the partnership agreements with the Gulf, regional and international countries, organizations and bodies related to the Ministry's activities and competences, in coordination with the Ministry of Foreign Affairs and other concerned parties;
• Represent the State in the regional and international organizations, exhibitions, and conferences in the areas falling within the Ministry's competences, in coordination with the Ministry of Foreign Affairs and other concerned authorities;
• Perform any other powers vested herein pursuant to the laws, regulations and resolutions promulgated by the Council of Ministers.