Al-Jadaan: Saudi Arabia Committed to Achieving Progress, Prosperity to Build Sustainable Future

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
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Al-Jadaan: Saudi Arabia Committed to Achieving Progress, Prosperity to Build Sustainable Future

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)

Saudi Minister of Finance Mohammed Al-Jadaan said the annual meetings of the Islamic Development Bank Group, which kicked off in Riyadh on Saturday, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, represent an important platform to discuss means to boost cooperation among Islamic member countries and achieve sustainable and comprehensive development.

The annual meetings coincide with the IsDB’s golden jubilee, as the institution celebrates 50 years of promoting economic and social development in 57 member countries, under the slogan “Taking pride in our past, shaping our future: authenticity, solidarity, and prosperity”.

In a statement, Al-Jadaan said Saudi Arabia occupies a distinguished position on the global stage as one of the leading countries in hosting and sponsoring many major international events and conferences.

The Kingdom continues to support development programs and projects through the Islamic Development Bank Group, which reflects its firm commitment to achieving progress and prosperity and building a bright and sustainable future for the region and the entire world, he added.

Chairman of the IsDB Dr. Mohammad Al-Jasser stressed that the relationship between Saudi Arabia and the Group is a model of strategic partnership.

Addressing the first day of the meetings, Al-Jasser said the world needed long-term solutions. such as sustainable infrastructure projects, pointing to estimates that portend a large gap in infrastructure financing worth $15 trillion by 2040.

He also underlined that traditional public financing mechanisms were insufficient, adding that meeting the growing demand for infrastructure projects to confront these challenges and mobilize sufficient financing for long-term investments required a new approach.

“We stand at a crossroads as the Covid-19 pandemic has exposed infrastructure vulnerabilities, depleted public resources, and reversed progress in development,” Al-Jasser said.

He continued that the least developed countries have enormous economic potential waiting to be “unleashed,” and increasing investments in social and physical infrastructure is essential for reducing poverty, promoting health and education, and creating job opportunities.

The first day’s meetings featured a session entitled, “A Path to Prosperity: Multidimensional Poverty in the Member Countries of the Islamic Development Bank Group,” during which speakers discussed the use of the Multidimensional Poverty Index (MPI) in defining and addressing poverty.

They highlighted the work of the United Nations Development Program in Afghanistan and Yemen, and the importance of having a clear framework and up-to-date data to guide policy-making and interventions.

Participants discussed the need to rethink development financing for fragile sectors, emphasizing the importance of designing financial instruments to suit the circumstances of each country.

The speakers, including the Acting Director General of the Islamic Development Bank Institute, Dr. Sami Al-Suwailem, and Oxford University Professor Sabina Alkire, stressed the need for new economic frameworks and political decision-making to give priority to the marginalized, and the importance of using Multidimensional Poverty Index data in taking urgent action to create economic models that meet their needs.

Another panel session, entitled “Leveraging Islamic Finance to Develop Sustainable and Resilient Infrastructure”. addressed investments in infrastructure globally and explored the potential of Islamic finance, particularly Sukuk, in boosting investment in infrastructure projects.

The annual meetings will witness a plenary session of the Board of Governors of the Islamic Development Bank Group, and a round table meeting of governors to discuss the most important economic challenges facing Islamic countries, as well as future opportunities.



Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.