New development program to enhance effectiveness of Saudi financial sector: minister

Saudi Minister of Finance Mohammed Al-Jadaan. (AFP)
Updated 11 May 2018
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New development program to enhance effectiveness of Saudi financial sector: minister

The Council of Economic and Development Affairs (CEDA) has formally approved the Financial Sector Development Program, one of the 12 programs previously announced by CEDA to achieve Vision 2030.
Speaking at the Financial Sector Development forum on Wednesday, Saudi Minister of Finance Mohammed Al-Jadaan said: “The program supports the national economy by developing the financial sector and enhancing its effectiveness. The objective is to increase the financial sector’s size relative to the GDP by 280 percent. The program will create a deep, diversified, digitized and stable financial sector capable of attracting financial technology companies and focusing on financial literacy to bring savings rates in line with leading international rates.”
“The Financial Sector Development Program is built on three pillars: Firstly, enabling financial institutions to support the development of the private sector; secondly, ensuring the formation of an advanced capital market; and thirdly, promoting and enabling financial planning,” he said.


Motorsport, rock bands, tourists … welcome to the new Saudi Arabia

There was an explosion of joy at the podium when Antonio Felix da Costa lifted the winner’s trophy at the conclusion of the Formula E Saudia Ad Diriyah E-Prix on Saturday. (Photo/Supplied)
Updated 16 December 2018
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Motorsport, rock bands, tourists … welcome to the new Saudi Arabia

  • Three-day event at Ad Diriyah reaches spectacular climax in an unprecedented spirit of openness

The driver with the winner’s trophy was Antonio Felix da Costa — but the real winners were Saudi Arabia itself, and more than 1,000 tourists visiting the country for the first time.

Da Costa, the Andretti Motorsport driver, won the Formula E Saudia Ad Diriyah E-Prix in front of thousands of race fans at a custom-built track in the historic district on the outskirts of Riyadh.

But in truth, the event was about much more than high-tech electric cars hurtling round a race track — thrilling though that was. The three-day festival of motorsport, culture and entertainment was Saudi Arabia’s chance to prove that it can put on a show to rival anything in the world, and which only two years ago would have been unthinkable.

The event was also the first to be linked to the Sharek electronic visa system, allowing foreigners other than pilgrims or business visitors to come to Saudi Arabia.

Jason, from the US, is spending a week in the country with his German wife, riding quad bikes in the desert and visiting heritage sites. “I’ve always wanted to come for many, many years ... I’m so happy to be here and that they’re letting us be here,” he said.

Aaron, 40, a software engineer, traveled from New York for two days. “Saudi Arabia has always been an exotic place ... and I didn’t think I’d ever be able to come here,” he said.

About 1,000 visitors used the Sharek visa, a fraction of what Saudi Arabia aims eventually to attract. 

“Hopefully we will learn from this and see what we need to do for the future, but I can tell you from now that there is a lot of demand,” said Prince Abdul Aziz bin Turki Al-Faisal, vice chairman of the General Sports Authority.

His optimism was backed by Kirill Dmitriev, chief executive of the Russian Direct Investment Fund and a visitor to Ad Diriyah. “Such events will attract tourists and are a true celebration for young Saudis who desire a bright future,” he said.

“The vision of moderate Islam, promoted by Crown Prince Mohammed bin Salman, is important both for the region and the entire world, and its realization needs to be appreciated, respected and supported.”

The event ended on Saturday night with a spectacular show by US band OneRepublic and the superstar DJ David Guetta. “Just when you think things can’t get better, they suddenly do,” said concertgoer Saleh Saud. “This is the new Saudi Arabia, and I can’t wait to see what’s going to happen next.”