Latest news with #MohammedAlJadaan
Reuters
2 days ago
- Business
- Reuters
Saudi Arabia to 'take stock' of spending priorities after oil revenue drop, FT reports
May 29 (Reuters) - Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported on Thursday. Riyadh plans to maintain its current pace of government spending despite facing widening budget and current account deficits, as well as rising debt levels, the FT said, citing an interview with the minister. Jadaan told the newspaper that he would not be concerned about the deficit widening to 3%, 4%, or "occasionally" 5% of GDP as long as government spending supported non-oil growth — a key target under the kingdom's diversification strategy. Jadaan said Saudi Arabia aimed to avoid the "trap of booms and busts" by pursuing countercyclical policies and prioritising growth over short-term fiscal balance, the report added. Saudi Arabia has been ramping up oil refining operations to capitalise on strong margins, helping offset revenue lost to weaker crude prices and exports. While crude prices are likely to remain at current levels or even lower for most of the year given the surge in supplies and demand uncertainty, the increased refining operations offer Riyadh an effective tool to manage oil price volatility and to better withstand a protracted price war.
Arab News
2 days ago
- Business
- Arab News
Saudi Arabia holds many ‘promising investment opportunities' for Chinese investors, says finance minister
RIYADH: Saudi Arabia offers 'many promising investment opportunities' for Chinese investors across infrastructure, tourism, and industry, said Finance Minister Mohammed Al-Jadaan during a high-level meeting. Speaking at the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee, he highlighted opportunities, including 'partnerships between the Saudi public sector and Chinese companies.' The remarks come as Saudi Arabia and China continue to deepen economic ties, with China remaining the Kingdom's top trading partner. In the first quarter, Saudi exports to China reached SR44.91 billion ($11.97 billion), while imports totaled SR59.33 billion — underscoring both nations' focus on strategic cooperation under Vision 2030 and the Belt and Road Initiative. Al-Jadaan emphasized the significance of both countries' roles in the global economy. 'Saudi Arabia and China have a key role in achieving global economic integration through their effective participation in multilateral platforms,' he said. Co-chaired by Al-Jadaan and Chinese Minister of Finance Lan Fo'an, the virtual gathering focused on deepening bilateral economic and financial cooperation, as well as enhancing coordination on global financial platforms. Discussions included areas such as tax policy, capital markets, and banking regulation, as well as infrastructure development and public-private partnerships. The deepening economic ties between the two countries follow a series of major agreements signed earlier in May during the Saudi-Chinese Business Forum in Beijing. At the gathering, the Kingdom and China concluded 57 agreements and memoranda of understanding, valued at over SR14 billion ($3.7 billion), covering sectors including agriculture, water, environment, fisheries, and livestock. Notable initiatives include the planned development of a Smart Food Security City in Saudi Arabia, which will comprise factories, laboratories, and integrated logistics services, as well as the establishment of an agro-industrial zone in Jazan aimed at strengthening supply chains and attracting agriculture-focused industrial investment. Of the 57 agreements, 26 are dedicated to boosting Saudi exports to China, encompassing products such as dates, vegetables, fruits, and bottled water. During the virtual meeting, Al-Jadaan called for enhanced financial integration and alignment of economic policies to support mutual prosperity. 'It is essential to continue deepening trade and investment relations, promoting financial integration, and coordinating policies between both nations to foster shared prosperity and sustainable development,' he added. The minister also emphasized the importance of innovation and collaborative research. 'To create a more inclusive and competitive financial environment, it is essential to explore new and innovative domains, enhance research and development, and deepen public-private sector partnerships,' Al-Jadaan said. Highlighting the value of multilateral engagement, he noted that such platforms are vital for addressing global development goals. 'Multilateral platforms provide an optimal opportunity for both nations to support emerging economies and achieve important economic goals such as development, poverty reduction, and promoting effective and inclusive dialogue globally,' he said. Vice Minister of Finance Abdulmuhsen Al-Khalaf, speaking in a session titled 'Economic and Financial Multilateral Coordination,' praised the leadership of Saudi Arabia and China within international institutions such as the International Monetary Fund and the World Bank. He called for forums like the G20 to prioritize cooperative and solution-focused approaches to global economic challenges. Al-Khalaf also acknowledged the two countries' roles in debt relief initiatives, including the Debt Service Suspension Initiative and the Common Framework for Debt Treatment. He urged both sides to continue engaging in global and regional multilateral platforms to strengthen their positions in international financial governance.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Saudi-Chinese Joint Committee Meets to Advance Economic Cooperation
Saudi Minister of Finance Mohammed Al-Jadaan and his Chinese counterpart, Lan Fo'an, co-chaired the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee which convened its fourth meeting on Wednesday via video conference. Senior officials and representatives from both sides participated in the meeting, the Saudi Press Agency reported. 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 remarks, 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.
Zawya
3 days ago
- Business
- Zawya
Minister underscores pivotal Saudi, Chinese roles in promoting global economic integration
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. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
17-05-2025
- Business
- Argaam
Saudi Arabia approves amendments to CCC integrated customs tariff
Mohammed Al-Jadaan, Minister of Finance and Chairman of the Zakat, Tax and Customs Authority (ZATCA), approved amendments to the CCC integrated customs tariffs. The decision will take effect from June 1, 2025, the data of its publication on the official gazette Umm Al-Qura. The updates include revised tariff rates on several goods, most notably natural honey products and chemicals. A 5% customs duty was applied to filtered Manuka honey as well as other types of natural honey, whether filtered or containing wax pieces. Additionally, a 2% customs duty was imposed on several chemicals such as acetophenone, propiophenone, methyl acetophenone, benzophenone, and butyl dimethyl acetophenone. A 5% tariff will also apply to compounds including methyl naphthyl ketone and benzylidene acetone.
