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.


Saudi Arabia presents first VNR on sustainable development at UN headquarters

Updated 38 min 25 sec ago
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Saudi Arabia presents first VNR on sustainable development at UN headquarters

NEW YORK: Saudi Arabia presented its first Voluntary National Review (VNR) during a High Level Political Forum at UN headquarters in New York last week.
The Kingdom participated in the forum with an official delegation from governmental, private and non-governmental organizations, headed by Faisal bin Fadel Al-Ibrahim, Vice Minister of the Ministry of Economy and Planning.
During his presentation at the forum, and with the participation of Mr. Yousif bin Abdullah Al-Bunyan, CEO of Saudi Basic Industries Corporation (SABIC) and Her Royal Highness Princess Al-Bandari Bint Abdulrahman Al-Faisal, he explained that Saudi Arabia’s march toward sustainable development is ongoing progress is being made.
The move is part of goals to achieve sustainable development and policies that support the development plans in the Kingdom, in addition of the collaboration of all parties from different sectors.
“Within the goals of Vision 2030, the Kingdom has come a long way in developing policies and governance of cooperation at many levels, especially sustainability,” he said.