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Al-Jadaan: Reforms Will Lead Us to Bright Future in Financial Sector

Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)
Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)
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Al-Jadaan: Reforms Will Lead Us to Bright Future in Financial Sector

Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)
Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)

Saudi Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, said that Saudi Arabia continues, under Vision 2030, “the ongoing process of economic development thanks to the financial and economic reforms that lead us towards a bright and developed future in the financial sector.”
He added that the Financial Sector Development Program seeks to achieve an economic and advanced future, by connecting the financial sector to the digital and technical economy, and exploiting modern technologies such as artificial intelligence and big data.
Al-Jadaan’s words came in the introduction of the annual report of the Financial Sector Development Program, one of the eleven executive programs launched by the Council of Economic and Development Affairs to achieve the goals of Vision 2030.
The program aims to develop and diversify the financial sector to support the development of the national economy, stimulate savings, financing and investment, and increase the sector efficiency and ability to confront and address challenges.
The finance minister stressed that his country maintained its progress in competitive indicators related to the financial market, ranking third among the most competitive countries in the G20, according to the Global Competitiveness Center of the International Institute for Administrative Development.
He added that the number of financial technology companies exceeded the targets of 2023, reaching 216, and approached the desired goal of 525 firms by 2030.
For his part, Minister of Investment Khaled Al-Falih said in the annual report of the Financial Sector Development Program that in light of geopolitical fluctuations, high financing costs, and strict monetary policies aimed at curbing high inflation rates, Saudi Arabia affirmed its commitment to its strategic vision and was able to adapt to the complexities of the global scene.
He added that the country moved forward with structural financial and economic reforms that resulted in lower inflation rates and enhanced the attractiveness of the investment climate, which in turn led to raising the Kingdom’s credit rating to A+.
Al-Falih noted that Saudi Arabia has also topped the Middle East and North Africa region in terms of the volume of venture investments, and witnessed a remarkable growth in the number of investment licenses for financial and insurance institutions.
Moreover, the minister said that the Ministry of Investment, in cooperation with various government agencies, contributed to attracting some of the most important international financial institutions to the Kingdom, enabling foreign direct investment in the insurance sector, and listing the first exchange-traded fund to track Saudi stocks on the Hong Kong Stock Exchange, in order to make the Kingdom a global financial hub.
Minister of Economy and Planning Faisal Al-Ibrahim said in the report that the achievements of the Financial Sector Development Program contributed to the growth of the volume of financial, insurance, and business services activities, by about 5.2 percent on an annual basis until the end of the third quarter of 2023.
The program’s efforts, led by the Central Bank and the Capital Market Authority, also helped increase the financing capacity of the Kingdom’s economy, thus supporting the objectives of the National Investment Strategy, he added.
Al-Ibrahim noted that the program works to support the diversification and development of investment financing sources through the financial market, and to attract foreign investment, through private financing channels affiliated with investment funds, in addition to the financing platforms of financial technology companies.
In the report, Governor of the Central Bank of Saudi Arabia, Ayman Al-Sayari, pointed out the continuation of initiatives aimed at developing regulatory frameworks and empowering the financial technology sector.
Those initiatives included issuing rules regulating postpaid companies, instructions for practicing digital brokerage activity, in addition to working to digitize supervisory procedures. He pointed out that the number of technology companies exceeded the 2023 targets, reaching 216.
The Chairman of the Capital Market Authority, Mohammad Al-Kuwaiz, said that in order to stimulate foreign investment, raise the attractiveness and efficiency of the financial market, and enhance its international competitiveness, the Kingdom adopted rules regulating foreign investment in securities, which helped increase the volume of foreign investments to SAR 401 billion ($106.9 billion).
The head of the Global Investment Finance Department at the Public Investment Fund (PIF), Fahd Al-Saif, stated that the Fund has a role in empowering small and medium-sized institutions, in order to increase their contribution to the domestic product, through the various efforts made by its portfolio companies.
He also revealed that the PIF seeks to raise the percentage of local content contribution in its projects and subsidiaries to 60 percent by the end of 2025.
For his part, the Chief Administrator of the National Development Fund, Khaled Al-Shareef, said that the Fund, through the Small and Medium Enterprises Bank, played an important role in developing the financial sector, by identifying needs and filling the financing gaps for various economic sectors, as well as improving the financing services provided to the SMEs.
According to the report, the Central Bank aspires to achieve a set of goals in 2024, including empowering local and international financial technology companies in the Saudi market, in addition to launching a number of digital banks, and a project for general rules for savings products.
As for the Capital Market Authority, it aims to increase the attractiveness of the Saudi market for foreign investors, and raise foreign investors’ ownership of the total market value of free shares to reach 17 percent by the end of this year.

 

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Business

AlUla Conference Urges Emerging Economies to Act Decisively, Define Their Own Growth Models

Saudi Arabia’s Minister of Finance addresses attendees at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat). 
Saudi Arabia’s Minister of Finance addresses attendees at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat). 
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AlUla Conference Urges Emerging Economies to Act Decisively, Define Their Own Growth Models

Saudi Arabia’s Minister of Finance addresses attendees at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat). 
Saudi Arabia’s Minister of Finance addresses attendees at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat). 

The AlUla Conference for Emerging Market Economies concluded with a clear call for emerging nations to move beyond imitation and take ownership of their economic futures, as global uncertainty reshapes trade, finance and development models.

Speakers stressed that emerging markets now possess the confidence and capacity to set their own standards and compete globally on their own terms.

Conference discussions reflected a growing shift in mindset among emerging economies, which are increasingly positioning themselves as influential players in the global economy rather than peripheral participants.

A central theme was the expanding role of the private sector, which participants described not only as a partner in development but as a primary engine of sustainable growth.

Saudi Finance Minister Mohammed Al-Jadaan emphasized the need for decisive reform, regardless of political or economic difficulty. He rejected the notion of a “perfect time” for change, urging emerging economies to diagnose their own challenges and take responsibility for addressing them without waiting for external direction.

Speaking during the conference’s closing session on Monday, Al-Jadaan said postponing necessary reforms only increases their cost. He noted that successful structural transformation depends on bold leadership and an acceptance that meaningful economic reform inevitably requires difficult decisions.

Transparency, he said, remains central to Saudi Arabia’s Vision 2030, particularly in building trust with citizens, investors and international partners. Al-Jadaan revealed that more than 87 per cent of Vision 2030 initiatives have been completed or are on track, while 93 per cent of key performance indicators have been achieved or are progressing as planned.

He cited artificial intelligence as an example of adaptive policymaking, noting that while the technology was not initially a dominant focus, changing global conditions required adjustments to ensure Saudi Arabia captures its economic value.

In the same closing dialogue, International Monetary Fund Managing Director Kristalina Georgieva called on governments to shift from directly managing economies to enabling them. She said reducing state control over companies is essential to unlocking innovation and allowing the private sector to flourish.

Georgieva highlighted the mounting challenges facing emerging economies, including geopolitical tensions, demographic change and climate pressures, all of which have increased global uncertainty and made international cooperation indispensable.

Despite differing national circumstances, she said emerging economies share a common goal of building strong institutions and pursuing sound fiscal and monetary policies to enhance resilience.

She also underscored the role of international financial institutions in sharing best practices and supporting a more integrated global economy, concluding with a symbolic message: “One hand does not clap,” to emphasize the importance of partnership in achieving shared prosperity.

The second edition of the AlUla Conference for Emerging Market Economies was hosted in AlUla in partnership between Saudi Arabia’s Ministry of Finance and the International Monetary Fund, bringing together finance ministers, central bank governors, international financial leaders and experts from around the world at a time of heightened global economic uncertainty.

 

 

 

 

 

Business

Gold Falls on Investor Caution ahead of Key US Economic Data

Gold bars being washed after removal from molds at a refinery in Sydney (AFP)
Gold bars being washed after removal from molds at a refinery in Sydney (AFP)
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Gold Falls on Investor Caution ahead of Key US Economic Data

Gold bars being washed after removal from molds at a refinery in Sydney (AFP)
Gold bars being washed after removal from molds at a refinery in Sydney (AFP)

Gold fell on Tuesday, though held above the $5,000-per-ounce level, as investors stayed cautious ahead of key US jobs and inflation data due later this week that could help gauge the US Federal Reserve's interest rate trajectory.

Spot gold fell 0.7% to $5,030.80 per ounce by 0716 GMT. The metal gained 2% on Monday, as the dollar weakened to its lowest level in more than ‌a week. ‌Gold scaled a record high of $5,594.82 on ‌January ⁠29.

US gold ‌futures for April delivery lost 0.5% to $5,051.70 per ounce.

Spot silver slipped 2.1% to $81.63 an ounce, after rising nearly 7% in the previous session. It had hit an all-time high of $121.64 on January 29.

"We're in a situation where gold has something of a built-in upside bias broadly, and now it's a question of ⁠just how much will short-term Fed policy expectations matter," said Ilya Spivak, head of ‌global macro at Tastylive.

The US dollar ‍edged higher on Tuesday, ‍making greenback-priced metals more expensive for overseas buyers.

Spivak added that ‍gold is being pulled back to the $5,000 level from both the upper and lower price ranges, while silver is showing more volatility on speculative trading.

Investors are awaiting a string of US economic data - retail sales due Tuesday, the nonfarm payrolls report on Wednesday and inflation data on Friday. Markets are currently pricing ⁠in at least two 25-basis-point rate cuts in 2026, with the first expected in June.

The non-yielding bullion tends to do well in a low-interest-rate environment.

White House economic adviser Kevin Hassett said on Monday that US job gains could be lower in the coming months.

For gold, "$5,000 is a support and $80 for silver. But intraday, both metals will be broadly range-bound, with a slight tilt towards negativity because of profit booking," Jigar Trivedi, a senior research analyst at IndusInd Securities, said, adding that investors are ‌cautious given recent volatility.

Spot platinum shed 2% to $2,080.30 per ounce, while palladium lost 1.1% to $1,721.75.

Business

Macron Calls on Europe to Invest in Its Strategic Sectors

French President Emmanuel Macron delivers a speech during a meeting with students from the "Prepas Talents du service public" as part of a program that aims to give every young person an opportunity to join the civil service, at the Elysee Palace in Paris, France, 06 February 2026. (EPA)
French President Emmanuel Macron delivers a speech during a meeting with students from the "Prepas Talents du service public" as part of a program that aims to give every young person an opportunity to join the civil service, at the Elysee Palace in Paris, France, 06 February 2026. (EPA)
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Macron Calls on Europe to Invest in Its Strategic Sectors

French President Emmanuel Macron delivers a speech during a meeting with students from the "Prepas Talents du service public" as part of a program that aims to give every young person an opportunity to join the civil service, at the Elysee Palace in Paris, France, 06 February 2026. (EPA)
French President Emmanuel Macron delivers a speech during a meeting with students from the "Prepas Talents du service public" as part of a program that aims to give every young person an opportunity to join the civil service, at the Elysee Palace in Paris, France, 06 February 2026. (EPA)

French President Emmanuel Macron has called on Europe to boost investment in strategic sectors or risk being "swept aside" in the face of competition from the United States and China, in an interview published on Tuesday.

The French leader warned that US "threats" and "intimidation" were not over and urged against complacency, in an interview with several European publications including Le Monde, The Economist and The Financial Times.

Ahead of a European Union meeting, he advocated for "simplifying" and "deepening the EU's single market", and for "diversifying" trade partnerships.

"There are threats and intimidation. And then, suddenly, Washington backs down. And we think it's over. But don't believe it for a second. Every day, there are threats against pharmaceuticals, digital technology..." he said.

"When there is blatant aggression... we must not bow down or try to reach a settlement," he said.

"We tried this strategy for months, and it's not working. But above all, it strategically leads Europe to increase its dependence."

He said that the EU's public and private investment needed "some EUR1.2 trillion ($1.4 trillion) per year", including green and digital technologies, defense and security.

He also renewed his call for common European debt, an idea France has championed for years, but other countries have rejected.

"Now is the time to launch a common borrowing capacity for these future expenditures, future-oriented Eurobonds," Macron said.