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Saudi Finance Minister: Economic Indicators Have Shown Positive Reforms

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
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Saudi Finance Minister: Economic Indicators Have Shown Positive Reforms

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)

Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said in a speech on the occasion of the 88th anniversary of the Saudi National Day that the positive economic indicators have proved the importance of the structural reforms that the Kingdom has undertaken.

He pointed out that this year’s national day coincided with a number of achievements in support of economic growth, with the economic indicators highlighting positive structural reforms thanks to the wise leadership that enabled the Saudi economy to address the challenges.

“Today, we live in an important phase of the development process; we are moving towards the horizons of glory, in accordance with an ambitious vision that is the Kingdom’s Vision 2030,”
Jadaan stated.

These positive assurances come as recent figures published in the 54th annual report of the Saudi Arabian Monetary Agency (SAMA) highlighted the strength of the Kingdom’s financial sector, with the figures showing the growth of local banks’ capital and reserves by 6.3% in 2017.

According to the same report, the Saudi economy registered a number of positive indicators, notably the non-oil GDP growth of 1.05% and the current account surplus of SAR57.1 billion ($ 15.2 billion) in 2017.

The report revealed that the total assets of commercial banks increased by 2.2% to reach more than two trillion riyals ($ 533.3 billion). The capital and reserves of local banks increased by 6.3% to reach SAR318 billion ($ 84.4 billion).

Saudi Arabia - one of the 20 most powerful economies in the world - has played a key role in energy markets over the past years. The Kingdom is among the top countries that achieve balance in providing oil, which has helped stimulate the global economy towards more production and manufacturing processes.

The Saudi economy has recorded in 2018 the highest spending budget in the country’s history that exceeded one trillion riyals ($266.6 billion).

With regards to the Saudi budget for 2018, the financial performance indicators of the general budget for Saudi Arabia for the first half of the current year showed that the total revenue amounted to about SAR439.8 billion ($117.2 billion), an increase of 43% compared to the same period last year.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.