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Saudi Finance Minister: Significant Progress in Implementing Economic Reforms

Saudi minister of finance Mohammed al-Jadaan gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser
Saudi minister of finance Mohammed al-Jadaan gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser
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Saudi Finance Minister: Significant Progress in Implementing Economic Reforms

Saudi minister of finance Mohammed al-Jadaan gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser
Saudi minister of finance Mohammed al-Jadaan gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser

In a speech at the Saudi Investment Forum hosted by J.P. Morgan in New York on Tuesday, Minister of Finance Mohammed al-Jadaan lauded the Kingdom’s economic policy and its pivotal role in achieving the Saudi Vision 2030 in the light of the remarkable transformation witnessed by the Kingdom. He drew attention to the comprehensive reforms in various sectors in the Kingdom, including modernization and diversification of the economy in order to reduce dependence on oil.

Jadaan said the Vision represents a very clear roadmap for the Kingdom’s destination.

The finance minister stated that the business community in the Kingdom has begun to reap the fruits of these reforms through a more stable working environment and greater confidence for investors.

This is evidenced by the successful issuance of international and local debt securities in the Kingdom, he said, adding that the initial offering of international sukuk (Islamic bond) in April attracted great attention from international investors with an over-subscription reaching more than $33 billion against the actual issuance of $9 billion, which is the largest offering for sukuk in the world.

He stated that there has been significant progress achieved by the Vision 2030 and the National Transformation Program of 2020 towards the Kingdom’s stated goal – a balanced budget through financial reform.

“The steps being taken by the Kingdom are not merely an austerity, but rather a focus on raising the efficiency of expenditure and supporting the purchasing power of low and middle income segment of the Saudi society through the ‘Citizen’s Account’ in order to assist them in addressing correction initiatives of energy price, in addition to supporting the private sector,” he added.

Jadaan unveiled plans to further deepen and expand Saudi capital markets. “We will move ahead with the privatization program and will continue to encourage the growth of private businesses so as to achieve ambitious goals,” the minister concluded.

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World Shares Retreat After Trump’s Order Imposing New Tariffs on 68 Countries and the EU 

Containers are piled up in a cargo terminal in Frankfurt, Germany, Friday, Aug. 1, 2025. (AP)
Containers are piled up in a cargo terminal in Frankfurt, Germany, Friday, Aug. 1, 2025. (AP)
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World Shares Retreat After Trump’s Order Imposing New Tariffs on 68 Countries and the EU 

Containers are piled up in a cargo terminal in Frankfurt, Germany, Friday, Aug. 1, 2025. (AP)
Containers are piled up in a cargo terminal in Frankfurt, Germany, Friday, Aug. 1, 2025. (AP)

World shares retreated Friday following choppy trading on Wall Street that saw more losses and as investors assess President Donald Trump's order imposing new tariffs on 68 countries and the European Union starting in seven days.

Trump’s order, which pushed back the tariff deadline earlier set on Aug. 1, has injected a new dose of uncertainty in an already uncertain process.

In early European trading, Germany's Dax fell 1.5% to 23,697.31. Britain's FTSE 100 dropped 0.7% to 9,068.97. In Paris, the CAC 40 shed 1.6% to 7,647.56.

The future for S&P 500 was down 0.8% and that for the Dow Jones Industrial Average was also 0.8% lower.

Japan’s Nikkei 225 slid 0.7 % to 40,799.60 while South Korea’s Kospi tumbled 3.9% to 3,119.41.

Hong Kong’s Hang Seng index shed 1.1% to 24,507.81, while the Shanghai Composite slipped 0.4% to 3,559.95.

Australia’s S&P ASX 200 shed 0.9% to 8,662, India’s BSE Sensex lost 0.4% to 80,837.19 and Taiwan’s TAIEX slid 0.5% to 23,434.38.

“Trump’s new tariff directive, signed behind closed doors just ahead of the Aug. 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,” with Canada drawing particular ire, Stephen Innes of SPI Asset Management said in a commentary.

“This wasn’t just an update — it was a structural rewrite. The average US tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,” he added.

Benjamin Picton, senior market strategist at Rabo Bank, said in a commentary about the US tariffs: “The USA is cherry-picking high value-add industry for its own economy while forcing trading partners to grant preferential market access for its exports and supply it with cheap imports. Make no mistake, this is imperial trade.”

On Wall Street on Thursday, stocks capped the trading day with more losses after an early big tech rally faded and a health care sector pullback led the market lower.

The S&P 500 fell 0.4%, its third straight decline. The benchmark index, which is just below the record high it set Monday, notched a 2.2% gain for the month of July and is up 7.8% so far this year.

The Dow Jones Industrial Average lost 0.7% and the Nasdaq composite closed less than 0.1% lower.

Roughly 70% of stocks in the S&P 500 lost ground, with health care companies accounting for the biggest drag on the market.

Health care stocks sank after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Eli Lilly & Co. fell 2.6%, UnitedHealth Group slid 6.2% and Bristol-Myers Squibb dropped 5.8%.

Gains by some big technology stocks with hefty values helped temper the impact of the broader market’s decline.

Meta Platforms surged 11.3% after the parent company of Facebook and Instagram crushed Wall Street’s sales and profit targets even as the company continues to pour billions of dollars into artificial intelligence.

Microsoft climbed 3.9% after posting better results than analysts expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centerpiece of the company’s artificial intelligence efforts.

Big Tech companies have regularly been the driving force behind much of the market’s gains over enthusiasm for the future of artificial intelligence.

In other dealings Friday, US benchmark crude oil added 15 cents to $69.41 per barrel, while Brent crude, the international standard, also rose 15 cents to $71.85 per barrel.

The US dollar fell to 150.55 Japanese yen from 150.67 yen. The euro rose to $1.1419 from $1.1421.