Saudi Finance Minister Mohammed al-Jadaan has said that the Kingdom has one of the top five banking systems in the world.
Jadaan spoke at a session of the “Future Investment Initiative” conference in Riyadh on Wednesday.
Asked about the future of oil prices, the finance minister stressed that Saudi Arabia always backs the stability of the oil markets. Without giving numbers, he suggested that oil prices will rise a little.
The minister also affirmed that the "Future Investment Initiative" aims to discuss innovative investment opportunities and make use of the emerging technology for positive and effective change along with reviewing promising investment opportunities in the Kingdom.
Jadaan also said during talks he held on the sidelines of the conference that the Initiative paves way for global partnerships and enables participants in the Initiative to recognize the central relationship of the Kingdom’s Vision 2030 with global investment.
“Long-term active investments can raise the value of the national economy and create jobs and opportunities” for Saudis, he added.
The minister held talks with International Monetary Fund chief Christine Lagarde in the presence of several officials. The two sides discussed global economic prospects and several other issues, including bilateral relations between the Kingdom and the IMF.
Jadaan also met with Italian Minister of Economy and Finances Pier Carlo Padoan. Discussions focused on investment opportunities in Saudi Arabia and on ways to enhance bilateral cooperation.