Saudi Arabia, Switzerland to increase cooperation in financial sector

Swiss Vice President and Finance Minister Ueli Maurer (right), Chairman of SwissBanking Herbert J. Scheidt (left) and FDF State Secretary Joerg Gasser addressing a press conference on Sunday night in Riyadh. (AN photo)
Updated 19 February 2018
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Saudi Arabia, Switzerland to increase cooperation in financial sector

RIYADH: Switzerland has assured the Kingdom that the two countries can work closely together in the financial sector by holding regular meetings and that it will provide all necessary assistance to Saudi financial regulators and bankers.
The assurances were given by Ueli Maurer, Swiss vice president and finance minister, at a press briefing on Sunday night.
Maurer, who held wide-ranging talks with King Salman, said: “Switzerland and Saudi Arabia have agreed to hold a periodic financial dialogue at both political and technical levels. We have discussed Swiss training options for Saudi personnel working in the financial and banking sector.” He also referred to an agreement on double taxation signed by the two sides on Sunday.
The press briefing at the Swiss ambassador’s house was attended by Herbert J. Scheidt, chairman of SwissBanking (Swiss Bankers Association); Joerg Gasser, state secretary at the Swiss Federal Department of Finance (FDF); Peter Minder, FDF head of communications; and Heinrich Schellenberg, the Swiss ambassador.
The two-day visit of the delegation of Swiss bankers and regulators, as well as their intensive meetings with senior Saudi officials, are important bearing in mind the Kingdom’s high-profile corruption purge that has brought billions of dollars in settlements for the state.
Referring to his wide-ranging talks with Saudi Finance Minister Mohammed Al-Jadaan, Economy and Planning Minister Mohammed Al-Tuwaijri and Dr. Ahmed A. Al-Khulaifi, governor of the Saudi Arabian Monetary Authority (SAMA), Maurer said: “The talks focused on frameworks for investments and financial services, as well as local opportunities for Swiss financial institutions.”
He said that Swiss financial institutions had a strong presence in several Middle Eastern countries, including Saudi Arabia.
“Switzerland, which is the second largest financial market in Europe, currently has a total of SR26,600 billion ($7,093 billion) deposits in its banks, whose total number exceeds 261,” said SwissBanking Chairman Scheidt. He pointed out that “about half of these funds under management of the Swiss banks are from international clients.”
He added: “The Swiss banks can also play an advisory role as Saudi Arabia looks for better investment options within the framework of Saudi Vision 2030.”
According to the Swiss Bankers Association, the financial sector remains one of the key sectors of the Swiss economy, even in a challenging environment.


Saudi Post issues commemorative 88th National Day stamp

Updated 5 min 1 sec ago
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Saudi Post issues commemorative 88th National Day stamp

JEDDAH: Saudi Post issued a commemorative stamp and a card to coincide with the Kingdom’s 88th National Day and its founding by the late King Abdulaziz, reported the Saudi Press Agency.
The stamp was issued in three riyals and the card in five riyals, and featured pictures of famous architectural landmarks in the Kingdom.
They also include logos of a number of mega projects that have been implemented or are currently being implemented, such as Neom, Riyadh Railway Project, Vision 2030, National Transition Program 2020, Digital Transformation Unit, Public Investment Fund, and the 2018 Hajj Season logo.
Saudi Post publishes postal stamps periodically and seasonally for national and religious events, festivals, Hajj seasons, Islamic, Arab and Gulf summits and major conferences, as well as national cultural, artistic and sports participations to recognize Saudi Arabia’s achievements in all fields.