MUST-READS

• Saudi Arabia keen as G20 member to support joint multilateral action: Al-Jadaan

  "The Kingdom seeks to leverage the experiences of the G20 countries in the various fields discussed by the group, as the largest economy in the world. This is in addition to efforts made by the Kingdom's teams participating in the G20 to transfer the experience of rapid economic transformation in the Kingdom to brotherly and friendly countries in the group, which aims to achieve sustainable development and diversification in their economy, through the knowledge and expertise accumulated as a result of the strategies of Saudi Vision 2030 and National Transformation Programs,” he added, in a statement cited by the Saudi Press Agency, during the G20  Summit held under the Brazilian presidency.

• READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Finance Minister Mohammed Al-Jadaan of Saudi Arabia

  Secretary of the Treasury Janet L. Yellen met with Finance Minister Mohammed Al-Jadaan of Saudi Arabia. Secretary Yellen reaffirmed Treasury’s long-standing and close partnership with Saudi Arabia and discussed with the Minister the outlook for Saudi Arabia’s economy and its reform and development plans. The Minister and Secretary Yellen committed to continue working together in both bilateral and multilateral settings and on combating the financing of terrorism and money laundering.

• 224 fintech companies in Saudi Arabia by end of Q2 2024: Al-Jadaan

  Minister of Finance Mohammed Al-Jadaan said the number of fintech companies in Saudi Arabia reached 224 by the end of Q2 2024, surpassing the Financial Sector Development Program's (FSDP) target of 168 companies for the same period.

• Al-Jadaan unveils Saudi Arabia’s integrated strategy to accelerate digital transformation

  Addressing the first edition of the International Conference on Financial Technology, '24 Fintech, at the Riyadh Front Exhibition and Conference Center on Tuesday, he said that the Kingdom has adopted an integrated strategy aimed at enabling and accelerating the government's digital transformation efficiently and effectively. "Saudi Arabia has targeted, since the launch of Vision 2030, accelerating the pace of transformation to advance the digital economy, as well as to ensure the sustainability of its growth and keep pace with the rapid development in the world of technology," he said.

• Al-Jadaan highlights Saudi efforts to boost non-oil revenues and diversify economy at Vienna meeting

  The minister said that these efforts will be supported by labor market reforms to enhance female participation in the workforce, continued growth in higher education and training to provide Saudi youth with the necessary skills, as well as improvements in the ecosystem for private sector investment while providing support to small- and medium-sized enterprises. Al-Jadaan acknowledged the challenges that low-income developing countries face while noting that each country’s own actions play the driving role in achieving sustained economic development over time.

• Al-Jadaan: Saudi Arabia seeks deepening collaboration with Switzerland in diverse fields

  He said this while inaugurating the 4th Saudi-Swiss Financial Dialogue held in Zurich, Switzerland, on Thursday. Al-Jadaan headed the Saudi delegation to the conference and the delegation also included a number of senior officials from the Saudi Ministry of Finance, Saudi Central Bank, Insurance Authority, Financial Sector Development Program, and Fintech Saudi.

• Saudi Arabia eyes new areas of cooperation with Switzerland: Al-Jadaan

  During his participation in the Fourth Saudi-Swiss Financial Dialogue in Zurich, Al-Jadaan stressed the importance of the dialogue, explaining that it contributes to strengthening bilateral ties between the two countries and achieving their common interests in various financial and economic sectors.

• Al-Jadaan: Saudi Arabia is approaching goals of Vision 2030 in job creation

  “Our non-oil revenues exceeded our expectations. We aim to increase the role of the private sector in the employment process,” he said while noting that the Kingdom’s gross domestic product (GDP) has increased by more than 15 percent since the launch of Vision 2030. Al-Jadaan said that the global economy faces serious challenges. He noted that spending at a time of global inflation results in increased costs of projects, saying that this further fuels inflation and overheats the economy. The minister said that Saudi Arabia is in a position to reshape the Gulf region’s overall economy.

• Long-term plans of Saudi Vision 2030 support economic flexibility: Al-Jadaan

  “Saudi Vision 2030’s objectives are on track at 87%”, the Saudi minister assured, indicating that there is still a bundle of challenges that requires modifying some projects, accelerating a number of them, and reducing the size of other projects.

• Al-Jadaan: Saudi non-oil economic growth is expected to exceed 5%

  Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia’s non-oil gross domestic product (GDP) is recording a growth of over four percent and is expected to exceed five percent in the medium term. Attending a panel session at the 3rd Saudi Capital Market Forum in Riyadh on Monday, Al-Jadaan said that the non-oil GDP witnessed healthy growth despite the crises. “This growth confirms the strength and resilience of the Saudi economy.” The minister said that Saudi Arabia promised a major transformation since the launch of the Kingdom’s Vision 2030. “This transformation began to show success and commitment during good and difficult times,” he said while stressing the Kingdom’s commitment to bringing stability and investment opportunities to the world.

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