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Non-government Members Appointed on Saudi Central Bank’s Board

Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
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Non-government Members Appointed on Saudi Central Bank’s Board

Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, has agreed to appoint five non-government members to the Board of Directors of the Saudi Central Bank to lead the Kingdom’s financial sector.

Sheila Al-Rowaily, who worked with Saudi Aramco, has become the first woman to join the board of directors of Saudi Central Bank. Al-Rowaily held several positions in the Aramco, including managing global analysis and financial risks and heading the investment department in the treasury, in addition to her membership in a number of boards, including Hasanah Investment, Al Ahli and Saudi Bank and Saudi Aramco Investment Management.

She has served as chief executive of Wisayah Investment Company, a wholly owned subsidiary of Aramco, since 2019. Wisayah invests Saudi Aramco Group Companies’ pension funds, defined contribution funds and other long-term investment portfolios.

The royal order also included the appointment of Hamad bin Saud Al-Sayyari, who holds a Master’s degree in economics and assumed the position of governor of the Saudi Central Bank from 1983 to 2009, in addition to several positions such as Secretary-General of the Public Investment Fund and director of the Saudi Industrial Development Fund.

The new members also included Khalid bin Ahmed Al-Juffali, Vice President and Executive Partner of the Juffali Company, who chairs the board of directors of his privately-owned company, KJC, in New York City, and is the head of the Saudi-German Business Council. Al-Juffali has extensive experience in the field of investment and financing of major international projects.

Among the new members is Eng. Rashed bin Abdulaziz Al-Hamid, CEO and Chairman of the Board of Directors of Al-Rashed Al-Hamid Group. He participated in the establishment of the Riyad Bank, where he held several positions. He was a member of the Board of Directors of the Saudi Arabian Agricultural Bank and the Saudi Electricity Company, the Higher Commission for Tourism, as well as the Advisory Board of the International Finance Corporation.

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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)

Saudi Finance Minister Mohammed Al-Jadaan outlined the objectives of the 2025 budget, emphasizing a continued focus on strategic spending for developmental projects aligned with sectoral strategies and Vision 2030 programs.
He added that the budget aims to support initiatives that deliver sustainable economic, social, and environmental benefits, while enhancing the business environment, improving the Kingdom’s trade balance, and increasing both the volume and quality of local and foreign investments.
Speaking at a press conference following the Cabinet’s approval of the budget, Al-Jadaan highlighted the government’s commitment to expansionary spending due to its positive impact on citizens. He noted that Saudi Arabia’s economy has become more resilient to fluctuations in oil markets, reflecting ongoing structural changes.
The non-oil economy is projected to grow by 3.7% by the end of 2024, he said, with non-oil activities contributing 52% to GDP during the first half of the current year.
The minister also revealed that since the launch of Vision 2030, non-oil revenues have increased by 154%. Oil’s share of GDP currently stands at 28%, and the nominal GDP has reached SAR 4.1 trillion, he remarked.

Moreover, Al-Jadaan said that private investment’s contribution to GDP has grown from 16% in 2016 to 24.7% today. The industrial sector is set to attract SAR 30 billion ($8 billion) in investments in 2025, alongside SAR 12.3 billion ($3.2 billion) in credit facilities to support Saudi exporters. Tourism has also emerged as a significant driver of economic growth, ranking as the second-largest contributor to the balance of payments after oil.
The Saudi minister emphasized the encouraging economic indicators, noting the surge in small and medium-sized enterprises driven by government spending. He reiterated the government’s cautious and conservative approach to budget preparation, reflected in revenue figures.
Structural changes in the Kingdom’s economy are beginning to yield tangible results, with a 33% increase in spending on strategies and programs aimed at achieving Vision 2030, according to Al-Jadaan. These efforts are expected to sustain economic growth, foster diversification, and further strengthen the Kingdom’s global economic standing, he stated.