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Finance Minister: Saudi Vision Meets Development Needs, Builds Diversified Economy

Finance Minister: Saudi Vision Meets Development Needs, Builds Diversified Economy

Saturday, 28 October, 2017 - 11:15
Saudi Arabia's Finance Minister Dr. Mohammed al-Jadaan. (SPA)

Saudi Minister of Finance Mohammed al-Jadaan held talks with US Treasury Secretary Steven Mnuchin on the arrangements for combating money laundering and terrorism financing.

Meeting on the sidelines of the Riyadh-hosted Future Investment Initiative summit, the two officials also evaluated the Kingdom and exchanged views on correspondent banks.

The meeting, which was attended by Governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Ahmed al-Khulaifi, tackled enhancing bilateral cooperation in several areas, including training Saudi youth from the Ministry’s staff and others. It also addressed coordinating the stances between Riyadh and Washington on international and regional affairs.

Jadaan later met with CEO of Standard Chartered Bank in the presence of Head of the Debt Management Office (DMO) and Advisor to the Finance Minister Fahad al-Saif. The officials discussed investment opportunities and development of the Kingdom’s financial markets.

Jadaan met with head of the New York Stock Exchange and the CEO of Shell International. They exchanged means of cooperation and investment opportunities available within the Kingdom's Vision 2030.

The Saudi minister also held several separate meetings with heads of international financial institutions in the presence of the finance minister. He met with the Deputy Chairman of Citigroup to discuss their commitment to the Kingdom's Vision 2030 programs and the development of Saudi cadres in the financial sector.

In this context, Jadaan held similar meetings, in the presence of Undersecretary of the Ministry of Finance for international financial affairs Dr. Khalid al-Khudairi and Undersecretary for Technical and Development Affairs Ahmed al-Suwayan, with member of the board of directors and CEO of SAP SE.

The software company presented a brief overview of the success of the solutions and technologies offered to the public and private sectors in the Kingdom. It reviewed its investments in Saudi Arabia through the establishment of a data center, which provides a number of cloud solutions for various sectors.

On Wednesday, Jadaan participated in a panel discussion on the era of market fluctuations about the Kingdom’s Vision 2030 and its expected role in maintaining the stability of local and international markets. It also covered the included programs and initiatives aimed at creating a stable and attractive investment environment for foreign capital.

The Saudi minister stressed that the transformation witnessed by the Kingdom in light of the vision contributes to the stability of the region in general and promotes the trend of making the Kingdom a center for the region and the Islamic world.

The Kingdom's vision was a real response to the needs for internal development and a confirmation of the policy that seeks to build not only a diversified economy, but also achieve economic reforms, Jadaan said.

He explained that the vision includes development goals in various fields, pointing out that the vision also came to face any fluctuations that may occur in the global markets.

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