Private sector integration advancing to meet Saudi Vision 2030 goals: finance minister
JEDDAH: Saudi Arabia is stepping up efforts to strengthen its economy by deepening private sector partnerships and improving regulatory practices, the Kingdom's finance minister has said.
Speaking during a roundtable at the US Chamber of Commerce, held on April 23 in Washington alongside the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund, Mohammed Al-Jadaan said Saudi Arabia's Vision 2030 seeks to reshape and diversify the country's economy.
This year's Spring Meetings of the World Bank Group and the IMF take place against the backdrop of rising trade tensions sparked by US President Donald Trump's tariff announcement, raising concerns regarding global economic forecasts and the impact on various economies.
According to the Saudi Press Agency, Al-Jadaan 'emphasized that one of the Kingdom's key priorities is establishing clear frameworks and effective governance to enhance integration with the private sector, support economic growth, and achieve the objectives of the Vision.'
The drive to diversify the Saudi economy saw the Kingdom's gross fixed capital formation reach SR1.18 trillion ($313.68 billion) in 2024, reflecting a 5.3 percent annual increase. This growth was driven by a 7.6 percent rise in private sector investments, according to the Ministry of Investment.
The roundtable was attended by Saudi Arabia's Ambassador to the US Reema bint Bandar and following his participation in the meeting, Al-Jadaan said in a post on his X account: 'We discussed ways to enhance the economic partnership between Saudi Arabia and the US, as well as the valuable investment opportunities under Saudi Vision 2030.'
He added that he held talks with US Treasury Secretary Scott Bessent on strengthening bilateral and multilateral cooperation, focusing on supporting the efforts of the IMF and the World Bank.
In a separate post, the minister said: 'I also met with Tobias Adrian, the IMF's financial counsellor and director of the monetary and capital markets department, as well as Pierre-Olivier Gourinchas, the IMF's economic counsellor and director of research. We discussed recent developments in global macroeconomic and financial policies.'
In an additional post on X, Al-Jadaan said he held talks with Indermit Gill, the World Bank's senior vice president for development economics and chief economist, and Ousmane Dione, the bank's vice president for the Middle East and Africa region. Al-Jadaan added: 'We discussed economic developments globally and regionally.'
Al-Jadaan also met with the Syrian Minister of Finance Mohammed Barnieh and the Central Bank of Syria Governor Abdulkader Husrieh to discuss the latest economic developments in Syria and explore ways to strengthen bilateral cooperation.
A further meeting was held with Sweden's Minister of Finance Elisabeth Svantesson to discuss global economic developments and ways to enhance bilateral collaboration.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
an hour ago
- Leaders
Saudi FM Takes Part in GCC Ministerial Meeting in Kuwait
The Saudi Foreign Minister, Prince Faisal bin Farhan, is participating in the 164th session of the Gulf Cooperation Council (GCC) Ministerial Meeting, taking place in Kuwait, reported the Saudi Press Agency (SPA). Prince Faisal bin Farhan was received at the Kuwait International Airport by his Kuwaiti counterpart, Abdullah Al-Yahya, and Saudi Arabia's Ambassador to Kuwait, Prince Sultan bin Saad bin Khaled. On Monday, the Ministerial Meeting kicked off under the chairmanship of the Kuwaiti Foreign Minister, Abdullah Al-Yahya. The Foreign Ministers and heads of delegations from the GCC countries are taking part in the meeting, according to the Kuwait News Agency (KUNA). The GCC Foreign Ministers will explore ways to strengthen joint cooperation among Gulf countries, as well as exchanging views on the latest regional and international developments and efforts made to address them. Furthermore, the meeting will discuss resolutions regarding the follow-up of decisions issued by the GCC Supreme Council at the 45th summit in Kuwait City in December 2024, the GCC Secretary-General, Jasim Al-Budaiwi, said in a press release. It will also discuss reports and memoranda submitted by the ministerial and technical committees and the General Secretariat, in addition to dialogues, strategic ties and free trade agreements between the GCC countries and foreign countries and blocs. Short link : Post Views: 35
Leaders
an hour ago
- Leaders
US Envoy to Israel: France Can ‘Carve' Palestinian State out of Riviera
The US Ambassador to Israel Mike Huckabee has attacked France's call for recognizing the Palestinian state, stating that if it adopted such an outcome, it could 'carve out a piece of the French Riviera' and create one, according to Al-Arabiya. Attacking France The ambassador described the initiative at the UN as 'incredibly inappropriate when Israel is in the midst of a war.' 'If France is really so determined to see a Palestinian state, I've got a suggestion for them — carve out a piece of the French Riviera and create a Palestinian state. They are welcome to do that, but they are not welcome to impose that kind of pressure on a sovereign nation,' Huckabee said. France and Saudi Arabia are set to co-chair an international conference this month at the UN in order to deeply consider a two-state solution. Meanwhile, Paris has unveiled that it could formally recognize a Palestinian state this year. Israel's Rejection of Palestinian State On Friday, Israel accused French President Emmanuel Macron of undertaking a 'crusade against the Jewish state.' The Israeli statement came after Macron's call for European countries to toughen up their stance on Israel if the humanitarian situation in Gaza did not improve. Unusual Response On Thursday, Israel announced the creation of 22 new settlements in the West Bank. Consequently, Defense Minister Israel Katz said on Friday that Israel planned to build a 'Jewish Israeli state' in the occupied West Bank. 'This is a decisive response to the terrorist organizations that are trying to harm and weaken our hold on this land,' Katz said. Katz also noted that the new settlements would be a clear message to French President Emmanuel Macron and his associates: they will recognize a Palestinian state on paper – but Israel will build the Jewish Israeli state here on the ground. Serious Steps towards Recognition French Foreign Minister Jean-Noel Barrot has recently said that France was 'determined' to recognize a Palestinian State. Barrot also condemned Israel's 'indefensible' situation in Gaza caused by its heavy airstrikes and blockade of humanitarian aid. 'We cannot leave the children of Gaza a legacy of violence and hatred. So, all this must stop, and that's why we are determined to recognize a Palestinian state,' Barrot told France Inter radio. Related Topics: France May Toughen Stance on Israel Over Gaza Aid Blockage Israel Plans to Build Jewish Israeli State in West Bank France 'Determined' to Recognize Palestinian State, PM Says Short link : Post Views: 14
Leaders
3 hours ago
- Leaders
Arab Ministers Stress Support for Palestinian State
The Arab Foreign Ministers reaffirmed their support for the Palestinian cause and the implementation of the two-state solution during a meeting in Jordan. On Sunday, a delegation of the Ministerial Committee assigned by the Joint Arab-Islamic Extraordinary Summit on the developments in the Gaza Strip held a virtual meeting with the Palestinian President, Mahmoud Abbas, after Israel blocked the delegation's scheduled visit to the occupied West Bank. Amman Meeting Under the chairmanship of the Saudi Foreign Minister, Prince Faisal bin Farhan, a delegation of the Arab-Islamic Ministerial Committee convened in Jordan's capital, Amman, to discuss the latest developments in the Gaza Strip and efforts to end the war and blockade on the enclave. The meeting's primary goal was to coordinate a visit to Ramallah to meet Abbas, in a strong show of support for Palestine. However, the visit was postponed due to Israel's decision to block the Arab delegation from entering the occupied West Bank – a move that sparked strong condemnation. The Amman meeting gathered the Foreign Ministers of Saudi Arabia, Jordan, Egypt, and Bahrain, in addition to the Secretary-General of the Arab League. Moreover, the Palestinian Vice President and Foreign Minister joined the meeting via video conference. Highlighting Arab Efforts The Arab-Islamic Ministerial Committee briefed the Palestinian President on its international endeavors to bring the Israeli aggression on Gaza to an end, lift the blockade, and alleviate the humanitarian crisis, according to the Saudi Press Agency (SPA). Furthermore, the Ministerial Committee highlighted the ongoing preparations to ensure the success of the International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution, which will take place in New York on June 17-20, 2025, under the joint chairmanship of Saudi Arabia and France. The conference aligns with the tireless efforts to establish an independent Palestinian State along the borders of June 4, 1967, with East Jerusalem as its capital. Addressing Gaza Crisis During the meeting, the Ministerial Committee reaffirmed support for the mediation efforts of Egypt, Qatar and the US to secure an immediate and permanent ceasefire in Gaza. It also urged Israel to allow the immediate, adequate, and sustained entry of humanitarian and medical aid, and give access to the UN organizations – particularly the UNRWA – to deliver aid supplies across the Strip. The Committee also called for ending the dangerous Israeli escalation in the West Bank. Moreover, the Arab-Islamic Ministerial Committee underscored the importance of holding the International Conference on Early Recovery and Reconstruction in Gaza, which will take place in Cairo once a ceasefire is reached. The conference aims to implement the Gaza reconstruction plan endorsed by the Arab Emergency Summit held in Cairo on March 4, 2025. Supporting Palestinian Authority The Ministerial Committee emphasized the significance of supporting the Palestinian Authority (PA). In the light of this, it praised the measures taken by Abbas to reform the PA. The Committee also condemned Israel's decision to block the Committee's visit to Ramallah as a violation of diplomatic norms and a reflection of a dangerous approach aimed at obstructing the Committee's efforts to achieve a just and comprehensive peace, as well as to support the Palestinian government's reform agenda. It said that this move was consistent with the extremist policies of the Israeli government, which blocks the entry of aid and medicine to Gaza and obstructs peace efforts. Palestinian Appreciation The Palestinian President, Mahmoud Abbas, appreciated the Committee's efforts in mobilizing international support for ending the war on Gaza, alleviating the humanitarian catastrophe, and advancing the implementation of the two-state solution. Abbas also expressed hope for the success of the upcoming International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution. Furthermore, he reiterated the Palestinian government's commitment to its reform agenda and called for coordinated international support for the PA reform efforts across the political, economic and security domains. Within this context, Abbas called on Israel to release the Palestinian funds it seizes. The Palestinian President also reaffirmed commitment to renouncing violence and the targeting of civilians. He also reiterated commitment to working to establish security and peace in cooperation with Arab States and international partners, expressing hope that he would soon welcome the Ministerial Committee in Palestine. Short link : Post Views: 13
