Saudi Finance Minister Heads Kingdom's Delegation ‏to IMF-WBG 2024 Spring Meetings ‏

 Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
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Saudi Finance Minister Heads Kingdom's Delegation ‏to IMF-WBG 2024 Spring Meetings ‏

 Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Saudi Finance Minister Mohammed Al-Jadaan will lead the Kingdom's delegation at the International Monetary Fund and World Bank Group 2024 Spring Meetings in Washington from April 15 to 20.

The Saudi delegation will also include Central Bank Governor Ayman Alsayari, Saudi Fund for Development CEO Sultan Almarshad, Assistant Finance Minister Abdulmuhsen Alkhalaf, International Monetary and Financial Committee Deputy Chair Ryadh Alkhareif, Deputy Finance Minister Khalid Bawazier, and experts from the Ministry of Finance, the Central Bank, the Ministry of Economy and Planning, the Saudi Fund for Development, and the Zakat, Tax, and Customs Authority.

Al-Jadaan will chair the first meeting of the International Monetary and Financial Committee since the Kingdom's three-year chairmanship announcement. The committee will discuss global economic developments, growth prospects, and risks, along with global economic policy priorities.

Al-Jadaan and Alsayari will also participate in the 2nd G20 Finance Ministers and Central Bank Governors Meeting under the Brazilian Presidency, focusing on global economic issues and enhancing cooperation.

Additionally, Al-Jadaan will attend a meeting of the World Bank Group's Development Committee, discussing strategies for addressing global development challenges.

The spring meetings bring together finance ministers, central bankers, international organizations, private sector executives, civil society representatives, and academics to discuss global concerns, such as the economy, sustainable development, poverty eradication, and other economic and financial topics. ‏



Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)

The proportion of local content in Saudi government projects has grown significantly, rising from 33% in 2020 to approximately 47% by the end of the third quarter of this year. This progress was announced by Minister of Industry and Mineral Resources Bandar Al-Khorayef during a ministerial session titled, Future Trends in Light of Vision 2030, at the second edition of the Local Content Forum 2024.

Tourism Minister Ahmed Al-Khateeb emphasized that tourism is a cornerstone of Vision 2030, stating: “We aim to localize investment spending with the support of national institutions.”

He also outlined plans to increase the tourism sector’s contribution to the national economy from 3% in 2019 to 10%.

Al-Khateeb underscored the collaborative efforts underway with the private sector to develop the tourism industry.

For his part, Investment Minister Khalid Al-Falih highlighted that local content policies have been integral to the state’s strategy since its founding. He stressed that enhancing the competitiveness of local companies plays a vital role in advancing localization efforts.

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail stated that increasing local content is part of a long-term plan, noting that 70% of home construction technologies are now manufactured locally.

In turn, Economy and Planning Minister Faisal Al-Ibrahim explained that boosting local content helps drive economic growth. He emphasized that import substitution presents a valuable opportunity to support domestic products and balance trade.