FaceOf: Mohammed Al-Jadaan, Saudi Finance Minister

Saudi Minister of Finance Mohammed Al-Jadaan arrives to attends the Euromoney conference in the Saudi capital Riyadh on May 2, 2018 . The two-day conference will focus on Saudi Arabia's finance and investments. (FAYEZ NURELDINE / AFP)
Updated 09 May 2018
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FaceOf: Mohammed Al-Jadaan, Saudi Finance Minister

  • Al-Jadaan attained a degree in Islamic economics from Imam Muhammad bin Saud Islamic University.
  • Al-Jadaan: This year, we are seeking to distribute government spending in a balanced manner throughout the fiscal year.

The first quarter budget performance report for the fiscal year 2018 shows significant growth in non-oil revenues and anticipated expenditure increases on an annual basis, Saudi Arabia’s Finance Ministry recently announced. 

Minister of Finance Mohammed Al-Jadaan said: “This year, we are seeking to distribute government spending in a balanced manner throughout the fiscal year and reduce seasonal expenditure, in order to boost economic growth rates and maximize the benefits.”

He  has been finance minister since November 2016. Before this, Al-Jadaan served as chairman of the Capital Markets Authority, chairman of the board of directors of the Saudi Center for Commercial Arbitration and special adviser to the board of directors at Morgan Stanley Saudi Arabia. He was also a commercial lawyer and the co-founder of Al-Jadaan and Partners Law Firm in cooperation with Clifford Chance from 1995-2015.

Al-Jadaan attained a degree in Islamic economics from Imam Muhammad bin Saud Islamic University and a degree in legal studies from the Institute of Public Administration in Riyadh.

He specialized in commercial law, finance and financial market transactions, and directed a team of lawyers in the provision of legal services and contracts in transactions and joint ventures in the sectors of energy, petrochemicals, mining, water desalination, privatization and partnership between the public and private sector, project finance and initial public offers on the stock markets.

Al-Jadaan is also the chairman of the Financial Sector Development Program committee, the chairman of the Fiscal Balance Program committee, the chairman of the Financial Stability Committee, the chairman of the board of the General Authority of Customs, and the chairman of the Saudi side of the subcommittee of the high-level Saudi-Chinese Joint Committee.


Houthi threat to holy sites in Makkah condemned

Updated 21 May 2019
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Houthi threat to holy sites in Makkah condemned

  • Iran-backed militias have no qualms about attacking the holiest place in Islam, says analyst
  • This is not the first time that Houthi militias have targeted Makkah, having fired on the city in July 2017

JEDDAH: The Royal Saudi Air Defense Forces intercepted and destroyed two missiles launched from Yemen by Iran-aligned Houthi militias on Monday. 

The missiles were reported to have been heading toward Makkah and Jeddah. 

A spokesman for the Arab Coalition said that the missiles were destroyed over Taif in the early morning, and that fragments from the first projectile had landed in Wadi Jalil, a valley that extends toward Makkah.

Residents in Jeddah told Arab News that they heard a loud blast early on Monday morning.

This is not the first time that Houthi militias have targeted Makkah, having fired on the city in July 2017.

Videos circulating on social media reportedly show the second missile being intercepted and destroyed in the skies over King Abdulaziz International Airport.

Bahrain’s Foreign Ministry denounced the Houthi attack and commended the Royal Saudi Air Defense Forces for their vigilance. 

Dr. Hamdan Al-Shehri, a Riyadh-based Saudi political analyst and international relations scholar, said: “This isn’t the first time that the Houthis and their masters in Tehran have fired missiles close to the holy city of Makkah.” 

They have no qualms about attacking the holiest place in Islam, he added. 

“They care nothing for the sanctity of the holy month of Ramadan. What they did today, and what they did in the past, clearly reveal their sinister designs to strike at the heart of the Muslim world,” Al-Shehri said.

“Now is the time for all Muslim nations in the world to come to the defense of the holy land. Our sacred places are under attack from Iran, the Houthis and their militias,” he added.

“Mere condemnation won’t do. Iran and the Houthis have crossed a red line, and this calls for deterrent action against Tehran,” he said.

Yemen’s internationally recognized government also condemned the Houthis’ attempt to target Makkah, calling it “a full-fledged terrorist attack.”

Monday’s aggression came as Saudi Arabia warned that recent drone attacks against its oil-pumping stations by the Houthis will jeopardize UN peace efforts in Yemen and lead to further escalation in the region.

Abdallah Al-Mouallimi, Saudi ambassador to the UN, said “seven explosive drones” directed by the Houthis attacked pumping stations on May 14 in the cities of Dawadmi and Afif “on the east-west oil pipeline that transfers Saudi oil to Yanbu port and to the rest of the world.”

He urged UN Security Council members, in a letter circulated on Monday, “to disarm this terrorist militia in order to prevent the escalation of these attacks which increase regional tensions and raise the risks of a broader regional confrontation.”

Al-Shehri said Monday’s attack is a reminder to Muslim nations about the clear and present danger from Iran.  “Tehran timed the attack just as King Salman has called for a meeting in Makkah to discuss the threat from Iran to the Muslim world,” Al-Shehri said.

Saudi security forces have intercepted and destroyed 227 ballistic missiles launched by the Houthis at the Kingdom since 2015.