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 EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.