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Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
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Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat

Saudi Minister of Finance Mohammed Al-Jadaan has said that the new Financial Control System constitutes a “fundamental shift” in the control methodology and the improvement of the legislative framework for financial work in government agencies, through a more flexible and comprehensive model that focuses on empowerment and the protection of public funds.

Speaking at the 1st edition of the Financial Supervision Forum held at the General Court of Audit in Riyadh on Sunday, Al-Jadaan said the Kingdom must invest in national talent alongside regulatory reforms to build a modern financial oversight system.

He stressed the importance of enhancing institutional integration between the relevant authorities, especially between the Finance Ministry and the General Court of Audit, which contributes to unifying oversight efforts and reducing duplication.

According to Al-Jadaan, the success of this transformation depends on concerted efforts between regulatory authorities on the one hand, and authorities dealing with public money on the other hand, in a way that maximizes the impact in protecting public money and enhancing the efficiency of financial oversight.

President of the General Court of Audit Hussam Alangari also said that organizing the forum in partnership with the Finance Ministry comes within the qualitative transformation that Saudi Arabia is witnessing in financial oversight during an era in which the country holds a leading global position in the management of public finances, characterized by governance, responsibility, and a high level of transparency.

He told the forum that the General Court of Audit has had strong foundations that have strengthened its role and independence as the supreme authority for public financial oversight and auditing.

Alangari pledged to strengthen the “deep partnership” with the Finance Ministry, describing it as a partnership cemented by trust and built on the foundations of cooperation across various fields.

The partnership has resulted in qualitative leaps, most notably what has been achieved in the exchange of information through full technical integration between the Etimad and Shamel platforms, he said.

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Business

OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St. Petersburg International Economic Forum, despite the Middle East conflict and closure of the ⁠Strait of Hormuz.

"Despite ⁠all the commentary out there that oil demand is declining, we have not registered signs of that yet," ⁠Reuters quoted Al Ghais as saying.

"We still see robust demand growth at 1.2 million barrels a day for this year," he said.

He also said that investments in the oil industry should not be affected by "one-off events" that happen ⁠anywhere ⁠in the world.

"We need to invest well ahead of time to be prepared for the demand that we see in the future," he said.

Business

Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt aims to list four to five state-owned companies on the Cairo stock exchange before the end of the year as part of its state asset sales strategy, Prime Minister Mostafa Madbouly said on Thursday.

The government also plans to shift from in-kind subsidies to cash subsidies during the coming financial year, as part of efforts to improve the targeting of social support, Madbouly said at a press conference, Reuters reported.

It does not aim to reduce the monetary value of subsidies but rather ensure they reach those entitled to receive them, he added.

More than 60 million people receive subsidised essential commodities through state-run outlets, while at least 10 million others benefit from subsidised bread.

Business

St. Petersburg Forum Brings Together Energy Leaders to Discuss Hormuz Security, Future of Global Markets

Venue of the St. Petersburg International Economic Forum (the Forum)
Venue of the St. Petersburg International Economic Forum (the Forum)
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St. Petersburg Forum Brings Together Energy Leaders to Discuss Hormuz Security, Future of Global Markets

Venue of the St. Petersburg International Economic Forum (the Forum)
Venue of the St. Petersburg International Economic Forum (the Forum)

Global energy markets will turn their attention on Friday to the St. Petersburg International Economic Forum, where a high-level panel discussion titled “Global Energy Systems: How Is the World’s Energy Sector Responding to Challenges and Risks?” will take place.

The 29th edition of the forum, being held this year under the theme “Shared Values: The Foundation of Growth in a Multipolar World,” opened on Wednesday. Saudi Arabia is participating as the forum’s principal guest of honor as the two countries mark 100 years of diplomatic relations.

Saudi government entities, national institutions and leading companies are taking part in the forum, including the ministries of energy, industry, transport, environment and investment, with the aim of strengthening cooperation and showcasing the goals and achievements of Vision 2030 in economic diversification and attracting high-quality investment.

The St. Petersburg International Economic Forum, established in 1997, is Russia’s leading economic conference and attracts more than 10,000 participants annually.

The energy session carries exceptional significance given its timing, coming after five months of escalating disruptions to supply routes and rising oil prices. It also falls within the main theme of the forum’s 2026 edition, “The Global Economy: Between Confrontation and Cooperation.”

The session will bring together senior decision-makers from across the global energy industry, led by Saudi Energy Minister Prince Abdulaziz bin Salman, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais, Russian Deputy Prime Minister Alexander Novak, and Chief Executive Officer of the Russian Direct Investment Fund Kirill Dmitriev. Also participating are Egyptian Petroleum Minister Karim Badawi, Serbian Energy Minister Dubravka Djedovic, and Secretary General of the Gas Exporting Countries Forum Philip Mshelbila.

According to the session agenda, discussions will focus on a series of strategic questions arising from the new reality facing global energy markets. Foremost among them is the impact of the current Middle East conflict on global oil and gas markets, and what current and future measures could reduce reliance on transporting energy resources through the Strait of Hormuz amid security tensions that have caused tangible shifts in traditional maritime shipping routes.

The session will also examine the strategy that major oil and gas producers should adopt under these circumstances and how the economic impact of OPEC+ measures should be assessed.

Participants will discuss the strategies that major oil and gas producers should pursue amid a complex environment shaped by six years of overlapping crises, beginning with the COVID-19 pandemic, continuing through Western sanctions imposed on Moscow, and extending to current military conflicts and their direct impact on international trade and the global economy. Discussions will also include an assessment of the economic impact of OPEC+ decisions and consideration of the alliance’s future plans.

The strategic dialogue comes ahead of a crucial oil-policy marathon on Sunday, when a series of meetings will begin with the OPEC’s conference, followed by the 66th meeting of the Joint Ministerial Monitoring Committee, which oversees compliance levels, coordination and current compensation plans for countries that previously exceeded their production quotas. The 41st ministerial meeting of OPEC and OPEC+ will also be held.

Sources familiar with the oil sector said OPEC+ is likely to approve an additional gradual increase in its production targets for July, in a move aimed at demonstrating the group’s ability to return to a “normal production path.”

The alliance has already increased production quotas by about 600,000 barrels per day between April and June.