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

Saudi Arabia's Finance Minister Dr. Mohammed al-Jadaan. (SPA)
Saudi Arabia's Finance Minister Dr. Mohammed al-Jadaan. (SPA)
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Finance Minister: Saudi Vision Meets Development Needs, Builds Diversified Economy

Saudi Arabia's Finance Minister Dr. Mohammed al-Jadaan. (SPA)
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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Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.