Saudi minister leads Kingdom delegation at GCC financial meet

Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan attended the meeting in Kuwait. (SPA)
Updated 09 November 2018

Saudi minister leads Kingdom delegation at GCC financial meet

  • The committee discussed several financial and economic topics of mutual interest

Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan recently headed the Saudi delegation at the 108th meeting of the Gulf Cooperation Council (GCC) member states’ Financial and Economic Cooperation Committee in Kuwait.

The meeting was attended by GCC Secretary-General Dr. Abdullatif bin Rashid Al-Zayani, Saudi Deputy Minister of Finance Dr. Hamad bin Sulaiman Al-Bazai, Governor of the General Authority of Zakat and Tax (GAZT) Suhail bin Mohammed Abanmi, Governor of the Saudi Customs Authority Ahmed bin Abdul Aziz Al-Hakbani, and a number of specialists from the Ministry of Finance, GAZT, and the Saudi Customs Authority.

The committee discussed several financial and economic topics of mutual interest, including the recommendations submitted by the governors of monetary agencies and central banks of the member states and its responsibility of assessing appeals on anti-dumping cases until an economic judiciary is established.

The committee also reviewed the latest amendments to the Common Customs Law of the GCC.

Saudi Crown prince’s India visit will help expand ties beyond energy

Crown Prince Mohammed bin Salman’s visit to India will boost robust interactions that New Delhi has established with Saudi Arabia over the last few years. (Supplied)
Updated 32 min 58 sec ago

Saudi Crown prince’s India visit will help expand ties beyond energy

  • New Delhi’s participation in Kingdom’s mega projects a major aspect of renewed ties: Talmiz Ahmad

NEW DELHI: Saudi Crown Prince Mohammed bin Salman’s first visit to India is a landmark development in bilateral ties between India and Saudi Arabia, according to Talmiz Ahmad, a former ambassador to Riyadh.

Saudi Arabia is India’s largest supplier of crude oil, but since taking office in 2014 Prime Minister Narendra Modi has sought to use India’s growing economy to attract more investment from Saudi Arabia beyond energy, and foster cooperation on trade, infrastructure and defense.

Ahmad, author of several books on the Arab world and twice India’s Ambassador to Riyadh, said that while the backbone of New Delhi’s relationship with the Kingdom is energy, the two sides had been discussing “how to give greater substance and longevity to the relationship on the basis of concrete projects.”

Reuters reported this week that India is expecting Prince Salman to announce an initial investment in its National Investment and Infrastructure Fund, a quasi-sovereign wealth fund, to help accelerate the building of ports and highways. Saudi Arabia has also suggested investing in India’s farming industry, with an eye on food imports to the Kingdom. 

Ahmad said Saudi Arabia’s NEOM project, a $500 billion smart city in Tabuk province on the Egyptian and Jordanian borders, would also provide great opportunities for Indian companies. 

He added that Saudi Arabia’s Vision 2030, the crown prince’s blueprint to fundamentally transform Kingdom’s economy, presents another opportunity for Indian businesses to prosper from the relationship.

“India is extremely well placed,” said Ahmad. “We are world leaders in small and medium enterprises and in the services sector. Saudi Arabia also has proposals to develop its tourism and leisure sectors, and I believe India is also well placed in those areas too.”

He also discussed how the strategic partnership had been initiated by former Indian Prime Minister Manmohan Singh, who visited Riyadh in 2010, but that Modi, who visited in 2016, had added “considerable substance” to the relationship.

He stressed, though, that Riyadh’s ties with India are independent of its relationship with Pakistan. He added India and Saudi Arabia were also working together to improve the security situation in Afghanistan, to resolve the 17-year conflict between government forces and the Afghan Taliban, as well as in the wider West Asia region. 

“India has excellent relations with all the countries in West Asia, and New Delhi is well placed to address some of the concerns that all the countries have with each other,” he said.