Saudi Finance Minister expresses confidence on reforms under Vision 2030
Finance Minister Mohammed Al-Jadaan expressed confidence that ongoing financial
and economic reforms, as part of Vision 2030, will pave the way for a
prosperous future in Saudi Arabia's financial sector.
Addressing the annual report of the Financial Sector
Development Program, Al-Jadaan emphasized the program's commitment to advancing
the financial sector by integrating it into the digital economy and leveraging
modern technologies such as artificial intelligence and big data.
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The program, among eleven executive initiatives launched
under Vision 2030, aims to diversify and enhance the financial sector to
bolster the national economy, promote savings, financing, and investment, and
bolster sector efficiency to tackle challenges effectively.
Al-Jadaan noted Saudi Arabia's continued progress in
competitive indicators, ranking third among the G20's most competitive
countries, according to the Global Competitiveness Center of the International
Institute for Administrative Development. He highlighted the surpassing of
targets for financial technology companies, reaching 216 firms against a goal
of 525 by 2030.
Minister of Investment Khaled Al-Falih underscored Saudi
Arabia's resilience amidst geopolitical fluctuations and stringent monetary
policies. Structural reforms contributed to lower inflation rates and improved
the investment climate, resulting in a credit rating upgrade to A+. Notably,
Saudi Arabia led the Middle East and North Africa region in venture investments
and witnessed increased investment licenses for financial and insurance
institutions.
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Minister of Economy and Planning Faisal Al-Ibrahim
highlighted the program's role in driving growth in financial, insurance, and
business services activities by about 5.2 percent annually until the third
quarter of 2023. Efforts aimed at diversifying investment financing sources and
attracting foreign investment through private financing channels and financial
technology platforms were emphasized.
The report outlined initiatives by the Central Bank and the
Capital Market Authority to develop regulatory frameworks and empower the
financial technology sector, with the Central Bank aiming to empower local and
international fintech companies and launch digital banks and savings products.
The Capital Market Authority aims to enhance the Saudi
market's attractiveness for foreign investors and increase foreign investors'
ownership to 17 percent of the total market value of free shares by the end of
the year.
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Overall, the comprehensive reforms and initiatives outlined
in the report demonstrate Saudi Arabia's commitment to positioning itself as a
global financial hub and fostering sustainable economic growth in line with
Vision 2030.
Source: https://english.aawsat.com/
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