Latest news with #Al-Jadaan
Saudi Gazette
20-07-2025
- Business
- Saudi Gazette
Saudi finance minister calls for urgent reform of global trade system at G20 summit
Saudi Gazette report CAPE TOWN — Saudi Finance Minister Mohammed Al-Jadaan emphasized the urgent need to accelerate reform of the global trade system in response to shifting economic realities, during the third G20 Finance Ministers and Central Bank Governors Meeting held under South Africa's presidency on July 17–18. 'The fiscal space is shrinking at a time when financing needs are growing, leading to higher borrowing costs and mounting pressure on both governments and the private sector,' Al-Jadaan said during his address. He welcomed the G20 note on lessons learned from the Common Framework cases and the accompanying debt treatment steps document, noting their importance in strengthening transparency and predictability. He also stressed the need to continue supporting countries facing financial stress or short-term liquidity challenges. On the sidelines of the G20 meetings, Al-Jadaan held bilateral talks with several finance ministers to discuss global economic developments and topics of mutual meeting, hosted in KwaZulu-Natal, South Africa, brought together G20 finance ministers, central bank governors, invited country representatives, and heads of international and regional financial institutions.
Saudi Gazette
13-07-2025
- Business
- Saudi Gazette
Saudi banking sector assets hit $1.2 trillion in 2024
Saudi Gazette report RIYADH — Saudi Arabia's financial sector exceeded key Vision 2030 benchmarks in 2024, with total banking sector assets reaching SR4.49 trillion, or 131% of the program's target of SR3.43 trillion, according to the annual report released Sunday by the Financial Sector Development Program (FSDP). The report highlights the sector's achievements in supporting economic growth and outlines strategic goals for the coming years. Among the key indicators, the Tadawul All Share Index (TASI), excluding Aramco, reached a market capitalization of 86.7% of GDP, while private credit accounted for 69% of GDP. Insurance premiums reached 2.59% of non-oil GDP, surpassing the 2024 target by 9%. Small and medium enterprise (SME) loans made up 9.4% of total lending, hitting 94% of the annual goal. Assets under management stood at 26.3% of GDP, reaching 89% of the target. Finance Minister Mohammed Al-Jadaan, who chairs the FSDP committee, said the report reflects the Kingdom's continued success in bolstering financial resilience and enabling broader economic transformation. He noted that fintech continues to play a vital role in sector growth, with 261 licensed fintech firms operating by the end of 2024. In parallel, the Saudi Central Bank (SAMA) approved the launch of D360 Bank, a digital-only financial institution, as part of the Kingdom's push toward a cashless economy. Digital payments surged to 79% of total consumer transactions last year, underscoring the sector's digital maturity. Al-Jadaan also noted continued momentum in the capital markets, with 44 new company listings in 2024 bringing the total number of listed firms to 353. The report, Al-Jadaan said, showcases the scale of reform and growth across all sectors of the Kingdom in this transformative era under the leadership of King Salman and Crown Prince Mohammed bin Salman. The Financial Sector Development Program is one of the key Vision 2030 initiatives, aimed at building a diversified, resilient economy and strengthening Saudi Arabia's regional and global standing in financial services.
Saudi Gazette
10-07-2025
- Business
- Saudi Gazette
Al-Jadaan: Economic transformation thrives on partnership
Saudi Gazette report RIYADH — Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia's development underscores that economic transformation thrives on partnership. He made the remarks while participating on Thursday in a virtual roundtable meeting for Resilience Consortium leaders, which was organized by the World Economic Forum (WEF). The meeting brought together ministers, private sector CEOs, and leaders of international organizations to exchange views on addressing the private sector's role in advancing resilience, innovation, and growth in emerging markets. Al-Jadaan said that Saudi Arabia's new Investment Law creates a level playing field, streamlines processes, and enhances investor protections. 'The targeted public investments unlock high-potential sectors and crowd in private capital,' he said. The minister emphasized that investing in e-government services is not just about modernization, but also about creating a transparent and efficient environment where the private sector can thrive. Al-Jadaan highlighted the importance of enhancing the participation of the private sector to achieve development goals, in a way that drives GDP growth and creates an attractive environment for investment. He also pointed to the importance of developing promising sectors through targeted public investments and strengthening digital infrastructure. The Resilience Consortium is an initiative launched by the World Economic Forum in 2022, bringing together leaders from governments, businesses, and international organizations to strengthen the global economy's ability to adapt and withstand escalating crises such as climate change, pandemics, and geopolitical disruptions.
Saudi Gazette
26-06-2025
- Business
- Saudi Gazette
Al-Jadaan underscores AIIB to enhance support for low-income countries
Saudi Gazette report BEIJING — Saudi Minister of Finance Mohammed Al-Jadaan emphasized the importance of the Asian Infrastructure Investment Bank (AIIB) enhancing its support for low-income countries. 'The special funds provided by the bank are effective resources that can help bridge financing gaps and engage all members in the development process without exception,' he said while addressing the 10th annual meeting of the AIIB board of governors, held in Beijing, China on June 24-26. During his participation in the governors' roundtable, the minister emphasized the importance of the AIIB's efforts to intensify its cooperation with other development banks and to attract private capital. He noted that private-sector participation in cross-border interconnection projects does not exceed 22 percent, reflecting the limited scope of public-private partnerships despite infrastructure development being a fundamental pillar of global economic growth. Al-Jadaan explained that the bank has an opportunity to adopt innovative solutions to overcome such challenges. 'Opportunities include dynamic risk distribution, the application of integrated financing mechanisms, and the creation of payment channels supported by blockchain technology,' he said. The minister stressed the need to increase AIIB's investments in emerging energy technologies. 'The bank has demonstrated an awareness of the importance of the energy sector, but we need to go further. Technologies such as carbon capture, utilization, and storage (CCUS) are essential to achieving energy security,' he said.
Saudi Gazette
19-06-2025
- Business
- Saudi Gazette
Al-Jadaan commends OPEC Fund's flexible response to global market fluctuations
Saudi Gazette report RIYADH — Minister of Finance Mohammed Al-Jadaan commended the flexibility of OPEC Fund for International Development in responding to global market fluctuations, saying that this has ensured the continued flow of available resources to countries and communities in need. Addressing the 46th Meeting of the Ministerial Council of the Fund in Vienna, Al-Jadaan praised the Fund's vision and alignment of its operations with global development priorities, including the Sustainable Development Goals (SDGs) and food security, while maintaining its core focus areas. The Ministerial Council, as the OPEC Fund's highest governing body, convenes annually to approve the fund's audited financial statements, annual activity reports, and any other items submitted by the management. Al-Jadaan also addressed the OPEC Fund Development Forum. The events brought together leaders, ministers, and heads of multilateral development finance institutions to discuss ways to strengthen responses to global challenges. The opening session of the forum emphasized the vital role of inclusive, equitable, and sustainable transitions in global development, exploring how strategic finance, innovative policies, and global cooperation—particularly through South-South partnerships—can drive progress across key global frameworks. In his speech at the inaugural session of the forum, Al-Jadaan emphasized that energy security is not a luxury but a fundamental pillar for achieving development and inclusive growth. Its absence, he said, disrupts vital sectors such as healthcare, education, economic productivity, environmental sustainability, water extraction, and food security. He noted that the pursuit of more secure and diverse energy sources has become more urgent than ever amid escalating geopolitical tensions, market volatility, and increasing global energy demand. Al-Jadaan called for a strategic move toward energy diversification and increased investment in clean energy technologies, as well as emerging energy technologies, such as Carbon Capture, Utilization, and Storage (CCUS), and encouraged the adoption of innovative financing solutions to accelerate energy access and enhance long-term energy security. He also reaffirmed Saudi Arabia's commitment to working with all its partners to enhance energy security and eliminate energy poverty, while continuing efforts to combat climate change. 'We have set an ambitious target to generate 50% of our electricity from renewable sources by 2030 and achieve net-zero emissions by 2060, under the Circular Carbon Economy framework,' he said.
