Latest news with #MohammedAl-Jadaan
Gulf Insider
2 days ago
- Business
- Gulf Insider
Saudi Arabia to Review Spending Priorities
Saudi Arabia will review its spending priorities after the oil price decline, and will consider whether to delay or accelerate some projects, the Kingdom's Finance Minister, Mohammed Al-Jadaan, told the Financial Times in an interview published on Thursday. Saudi Arabia needs oil prices at about $90 per barrel to balance its budget. The world's top crude oil exporter is already running a higher-than-planned deficit, which is set to swell with the oil price dip in the second quarter. With oil prices having crashed into the $60 a barrel range, the Kingdom will look to avoid falling again into the 'trap of booms and busts,' Al-Jadaan told FT. A 'crisis provides us an opportunity to take stock and consider', the minister added. 'Should we delay? Should we reschedule? Should we accelerate?' Al-Jadaan said. Last week, Saudi Minister of Economy and Planning, Faisal Alibrahim, said that the Kingdom is always ready for multiple oil price scenarios. 'We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,' Alibrahim said at the Qatar Economic Forum in Doha. Saudi Arabia booked a hefty budget deficit for the first quarter of the year, even before oil prices plunged in April. Saudi Arabia's budget deficit jumped to $15.6 billion (58.7 billion Saudi riyals). That's already more than half of the deficit the Kingdom had forecast for the full year—a deficit of $27 billion (101 billion riyals). The second-quarter deficit will be even higher than in Q1, as oil prices have languished in the low $60s per barrel Brent since they crashed in early April. All the deficit in the first quarter was covered by borrowing, suggesting that Saudi Arabia prefers to continue tapping debt markets to using central bank foreign currency reserves. With oil at $60-$65 per barrel, Saudi Arabia may have to accelerate borrowings and defer planned investments in its mega initiatives such as the futuristic city of Neom, analysts say. Also read: Refiners Expect Saudi Arabia to Cut Oil Price
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Al-Jadaan underscores pivotal Saudi, Chinese roles in promoting global economic integration
Saudi Gazette report RIYADH — The Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee convened its fourth meeting via video conference on Wednesday. The session was co-chaired by Saudi Minister of Finance Mohammed Al-Jadaan and Chinese Minister of Finance Lan Fo'an, with the participation of senior officials and representatives from both sides. Discussions focused on strengthening bilateral and multilateral economic and financial cooperation between Saudi Arabia and China, improving the effectiveness of international financial institutions, and furthering the strategic partnership between the two countries. Participants exchanged views on enhancing collaboration in key areas including tax policy, capital markets, banking regulations, financing, infrastructure development, and public-private partnerships. In his speech, Al-Jadaan underscored the pivotal roles of Saudi Arabia and China in promoting global economic integration through active engagement in multilateral platforms. He emphasized that such platforms offer a valuable opportunity to support emerging economies and contribute to development, poverty reduction, and inclusive global dialogue. He highlighted the importance of deepening trade and investment ties, enhancing financial integration, and aligning economic policies to promote shared prosperity and sustainable growth. Al-Jadaan called for greater innovation, strengthened research and development, and expanded public-private partnerships to create a more inclusive and competitive financial ecosystem. The minister noted the Kingdom's promising investment prospects for Chinese partners, particularly in infrastructure, tourism, and industrial sectors, as well as in collaboration with Saudi public sector entities. Speaking during the session titled 'Economic and Financial Multilateral Coordination,' Vice Minister of Finance Abdulmuhsen Al-Khalaf praised the leadership roles of Saudi Arabia and China in global financial institutions such as the International Monetary Fund (IMF) and World Bank. He stressed the need for global forums like the Group of Twenty (G20) to prioritize economic challenges and adopt cooperative, solution-driven approaches. Al-Khalaf commended both countries' contributions to international efforts such as the Debt Service Suspension Initiative and the Common Framework for Debt Treatment, describing them as impactful tools for supporting global and emerging economies. He urged continued engagement and exploration of new opportunities within global and regional multilateral platforms to enhance both nations' international standing.
Saudi Gazette
17-05-2025
- Business
- Saudi Gazette
Duties revised on certain products as per amended GCC Customs Tariff Schedule
Saudi Gazette report RIYADH — The Saudi Ministry of Finance announced on Friday that Minister of Finance and Chairman of the Board of Directors of the Zakat, Tax and Customs Authority Mohammed Al-Jadaan has approved a number of amendments to the Integrated Customs Tariff Schedule for the Gulf Cooperation Council (GCC) states. Duties will be imposed on certain categories of products as per the amendments which will come into force on October 6 this year. This was revealed in the official gazette Umm Al-Qura. The amended provisions will be applied in accordance with the new tariff schedules. The new amendments include revising the duty category on a number of goods, most notably natural honey products and chemical compounds. The customs duty category has been set at 5 percent on natural honey filtered from the Manuka flower and other types of natural honey, whether filtered or containing wax pieces. The amendments also included a two percent customs duty on several chemicals, such as acetophenone, propiophenone, methylacetophenone, benzophenone, and butyl dimethyl acetophenone. A 52 percent duty was applied to other compounds, such as methyl naphthyl ketone and benzylidene acetone, as part of the alignment of the tariff schedule with the decisions of the GCC countries. The description and labeling of some goods were updated, and formal errors in the tariff schedules were corrected, most notably the inclusion of a 5 percent duty item for fresh fatty livers. The amendments also included the renaming of several types of frozen fish with a unified duty rate of 5 percent. The amendments also included the inclusion of Indian betel leaf in the customs tariff, while explicitly prohibiting the import of khat was included under the "other plants" section, indicating its complete prohibition.
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
Saudi Arabia, IMF, and World Bank back Syria's economic recovery plan at 2025 Spring Meetings
Saudi Gazette report WASHINGTON — Saudi Finance Minister Mohammed Al-Jadaan, IMF Managing Director Kristalina Georgieva, and World Bank Group President Ajay Banga issued a joint statement on Syria during the 2025 Spring Meetings of the World Bank and the International Monetary Fund. Building on earlier discussions at the Paris Conference on Syria, the AlUla Roundtable, and the Brussels 9 Conference, the meeting provided the Syrian government an opportunity to present its efforts to stabilize and rebuild the country, reduce poverty, and promote long-term development. Participants acknowledged the urgent challenges facing Syria's economy and affirmed their collective commitment to supporting the government's recovery initiatives. Priorities include addressing the immediate needs of the Syrian people, rebuilding institutions, strengthening capacities, reforming economic policies, and developing a national recovery strategy. The World Bank and the IMF called for support consistent with their mandates, coordinating closely with multilateral and bilateral meeting welcomed efforts to help Syria reintegrate into the international community, secure resources for early recovery and reconstruction, foster private sector growth, create job opportunities, and promote good governance and transparency to build effective institutions that serve the Syrian people.
Asharq Al-Awsat
26-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia, IMF, World Bank Stress Int'l Commitment to Syria's Economic Recovery
Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga stressed on Friday their commitment to Syria's economic recovery. Meeting on the sidelines of the 2025WBG/IMF spring meetings in Washington, they co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers, and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners. 'Building on earlier discussions – including at the Paris Conference on Syria (February 13), the AlUla roundtable on February 16 and Brussels IX conference (March 17) — this event provided a platform for the Syrian authorities to present their ongoing efforts to stabilize and rebuild their country, reduce poverty, and achieve long-term economic development,' they said in a joint statement. 'There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities' efforts for recovery and development. Priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy,' it added. 'The IMF and WBG were called upon to play a key role in providing support in line with their mandates and reflecting shareholders' support, in close coordination with multilateral and bilateral partners,' it continued. 'We welcome the efforts to help Syria reintegrate with the international community and unlock access to resources, to support the authorities' policy efforts, address early recovery and reconstruction needs, and promote private-sector development and job creation,' read the statement. 'We also support the Syrian authorities' efforts to strengthen governance and increase transparency as they build effective institutions that deliver for the people of Syria.' 'We extend our gratitude to all participants for their valuable contributions and commitment to support efforts by the Syrian authorities to rebuild Syria and improve the lives of the Syrian people,' it stressed. The officials will convene again at the annual meetings of the IMF and WBG in October 2025 to monitor the progress achieved and harmonize global efforts in advancing Syria's economic-recovery and prosperity.
