Latest news with #financialintegration
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. (
Al Bawaba
4 days ago
- Business
- Al Bawaba
Strategic Agreement Between Department of Finance in Ajman and Ajman Bank Boosts Operational Efficiency
As part of its ongoing efforts to accelerate digital transformation and enhance the efficiency of government operations, the Department of Finance in Ajman has signed a strategic partnership agreement with Ajman Bank. This collaboration aims to strengthen digital financial integration, reduce bureaucracy, and improve the effectiveness of financial operations while delivering high-quality financial agreement comes within the department's efforts aimed at simplifying procedures and achieving the highest levels of accuracy in implementing operations, by relying on the digital payments system, reducing human intervention, and enhancing security and reliability. It also aims to enable government entities to rely fully on electronic transactions, which contributes to reducing human errors and raising the efficiency of resource use, as well as enhancing integration between government and banking financial systems, leading to facilitating financial control this context, His Excellency Marwan Al Ali, Director General of the Department of Finance in Ajman, said: "The signing of this agreement represents an important step towards supporting the digital infrastructure of the government financial sector, and reflects the department's commitment to adopting the best technical practices to enhance operational efficiency, speed up procedures, and improve the quality of financial services. He also pointed out that the agreement will contribute to expanding the scope of integration with various government entities, thus enhancing the sustainability of financial added that this agreement represents a qualitative shift in the mechanisms of financial dealing between the government and the banking sector, as it provides an integrated digital platform for implementing bank transfers and settlements accurately and reliably. He stressed: "We will continue to work to expand the scope of automation in various areas of financial work in support of the Ajman government's trends in digital leadership."For his part, Mr. Mustafa Al-Khalafawi, CEO of Ajman Bank, said: "We are proud of our partnership with the Department of Finance in Ajman and the firm confidence in Ajman Bank's capabilities in digital transformation and automation. This collaboration reflects our shared commitment to modernising financial operations and reinforces our role as a trusted partner in the digital government journey. The agreement to automate bank transfer and financial settlement procedures represents a pivotal step towards developing operational efficiency, accuracy, and transparency at the level of government entities. This partnership is perfectly aligned with Ajman Vision 2030, and we continue our efforts in supporting initiatives that strengthen the UAE's financial infrastructure and contribute to sustainable, technology-driven growth. Through this partnership, the Department of Finance in Ajman seeks to solidify the emirate's position as a leading centre in applying the best digital practices in public money management, and to support national trends towards building a smart government and a sustainable digital economy.
Khaleej Times
5 days ago
- Business
- Khaleej Times
Ajman's Department of Finance and Ajman Bank sign strategic agreement
As part of its ongoing efforts to accelerate digital transformation and enhance the efficiency of government operations, the Department of Finance in Ajman has signed a strategic partnership agreement with Ajman Bank. This collaboration aims to strengthen digital financial integration, reduce bureaucracy, and improve the effectiveness of financial operations while delivering high-quality financial services. This agreement comes within the department's efforts aimed at simplifying procedures and achieving the highest levels of accuracy in implementing operations, by relying on the digital payments system, reducing human intervention, and enhancing security and reliability. It also aims to enable government entities to rely fully on electronic transactions, which contributes to reducing human errors and raising the efficiency of resource use, as well as enhancing integration between government and banking financial systems, leading to facilitating financial control operations. In this context, Marwan Al Ali, Director General of the Department of Finance in Ajman, said: 'The signing of this agreement represents an important step towards supporting the digital infrastructure of the government financial sector, and reflects the department's commitment to adopting the best technical practices to enhance operational efficiency, speed up procedures, and improve the quality of financial services. He also pointed out that the agreement will contribute to expanding the scope of integration with various government entities, thus enhancing the sustainability of financial resources. He added that this agreement represents a qualitative shift in the mechanisms of financial dealing between the government and the banking sector, as it provides an integrated digital platform for implementing bank transfers and settlements accurately and reliably. He stressed: 'We will continue to work to expand the scope of automation in various areas of financial work in support of the Ajman government's trends in digital leadership.' Mustafa Al-Khalafawi, CEO of Ajman Bank, said: 'We are proud of our partnership with the Department of Finance in Ajman and the firm confidence in Ajman Bank's capabilities in digital transformation and automation. This collaboration reflects our shared commitment to modernising financial operations and reinforces our role as a trusted partner in the digital government journey. The agreement to automate bank transfer and financial settlement procedures represents a pivotal step towards developing operational efficiency, accuracy, and transparency at the level of government entities. This partnership is perfectly aligned with Ajman Vision 2030, and we continue our efforts in supporting initiatives that strengthen the UAE's financial infrastructure and contribute to sustainable, technology-driven growth. Through this partnership, the Department of Finance in Ajman seeks to solidify the emirate's position as a leading centre in applying the best digital practices in public money management, and to support national trends towards building a smart government and a sustainable digital economy.
Zawya
5 days ago
- Business
- Zawya
Strategic agreement between Department of Finance in Ajman and Ajman Bank boosts operational efficiency
Ajman: As part of its ongoing efforts to accelerate digital transformation and enhance the efficiency of government operations, the Department of Finance in Ajman has signed a strategic partnership agreement with Ajman Bank. This collaboration aims to strengthen digital financial integration, reduce bureaucracy, and improve the effectiveness of financial operations while delivering high-quality financial services. This agreement comes within the department's efforts aimed at simplifying procedures and achieving the highest levels of accuracy in implementing operations, by relying on the digital payments system, reducing human intervention, and enhancing security and reliability. It also aims to enable government entities to rely fully on electronic transactions, which contributes to reducing human errors and raising the efficiency of resource use, as well as enhancing integration between government and banking financial systems, leading to facilitating financial control operations. In this context, His Excellency Marwan Al Ali, Director General of the Department of Finance in Ajman, said: "The signing of this agreement represents an important step towards supporting the digital infrastructure of the government financial sector, and reflects the department's commitment to adopting the best technical practices to enhance operational efficiency, speed up procedures, and improve the quality of financial services. He also pointed out that the agreement will contribute to expanding the scope of integration with various government entities, thus enhancing the sustainability of financial resources. He added that this agreement represents a qualitative shift in the mechanisms of financial dealing between the government and the banking sector, as it provides an integrated digital platform for implementing bank transfers and settlements accurately and reliably. He stressed: "We will continue to work to expand the scope of automation in various areas of financial work in support of the Ajman government's trends in digital leadership." For his part, Mr. Mustafa Al-Khalafawi, CEO of Ajman Bank, said: "We are proud of our partnership with the Department of Finance in Ajman and the firm confidence in Ajman Bank's capabilities in digital transformation and automation. This collaboration reflects our shared commitment to modernising financial operations and reinforces our role as a trusted partner in the digital government journey. The agreement to automate bank transfer and financial settlement procedures represents a pivotal step towards developing operational efficiency, accuracy, and transparency at the level of government entities. This partnership is perfectly aligned with Ajman Vision 2030, and we continue our efforts in supporting initiatives that strengthen the UAE's financial infrastructure and contribute to sustainable, technology-driven growth. Through this partnership, the Department of Finance in Ajman seeks to solidify the emirate's position as a leading centre in applying the best digital practices in public money management, and to support national trends towards building a smart government and a sustainable digital economy.
