GulfBase Live Support
Minister of Finance Mohammed Al-Jadaan said that the Kingdom is in the midst of an unprecedented economic transformation thanks to the Vision 2030.
He made the remarks in a speech at the Saudi Investment Forum hosted by J.P. Morgan in New York on Tuesday.
Addressing the gathering of senior executives of Saudi and international financial companies, Al-Jadaan said the Vision represents a very clear roadmap for the Kingdom’s destination.
“We are currently seeing largescale reforms, including correcting energy prices, focusing on supporting small and medium enterprises, preparing government-owned companies for privatization, public-private partnerships and transforming the Public Investment Fund (PIF) into one of the largest sovereign wealth funds in the world,” he said, highlighting the salient features of the economic reforms being witnessed in the Kingdom.
The minister lauded the Kingdom’s macroeconomic policy and its pivotal role in achieving the Vision in the light of the remarkable transformation witnessed by the Kingdom. He drew attention to the comprehensive reforms in various sectors in the Kingdom, including modernization and diversification of the economy in order to reduce dependence on oil.
Al-Jadaan stated that the business community in the Kingdom has begun to reap the fruits of these reforms through a more stable working environment and greater confidence for investors.
This is evidenced by the successful issuance of international and local debt securities in the Kingdom, he said, adding that the initial offering of international sukuk (Islamic bond) attracted great attention from international investors with an oversubscription reaching more than $ 33 billion against the actual issuance of $ 9 billion, which is the largest offering for sukuk in the world.
He said that there has been significant progress achieved by the Vision 2030 and the National Transformation Program of 2020 towards the Kingdom’s stated goal - a balanced budget through financial reform.
“The steps being taken by the Kingdom are not merely an austerity, but rather a focus on raising the efficiency of expenditure and supporting the purchasing power of low and middle income segment of the Saudi society through the ‘Citizen’s Account’ in order to assist them in addressing correction initiatives of energy price, in addition to supporting the private sector," he said.
Al-Jadaan unveiled plans to further deepen and expand Saudi capital markets. “We will move ahead with the privatization program and will continue to encourage the growth of private businesses so as to achieve ambitious goals.
These businesses would create good investment opportunities and partnership with us to build a modern, diversified and flexible Saudi economy,” he added.
The UAE, Saudi Arabia and Bahrain followed the US in raising key interest rates on Wednesday, following the announcement from the Federal Reserve. The UAE central bank said it was raising its key in
Dell EMC hosted its flagship Dell EMC Forum at the Four Seasons Hotel in Riyadh, Saudi Arabia. Following Dell Technologies’ first anniversary celebration as the world’s largest privately-controlled t
The Saudi Arabian Monetary Authority (SAMA) has directed all local banks not use any amounts of money that are deposited in the Citizen’s Account Program for any other banking purposes.
With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance p
Oil industry services group Petrofac has ramped up its position in the Middle East with two deals worth nearly $1 billion.
On Wednesday, the London-listed company won a $160 million contract