HE Mohammed Bin Abdullah Al Jadaan, Minister of Finance, participated in the discussion panel entitled "Between the expected and the surprising: Is the era of volatility over?", On Wednesday, 5 Safar 1439H, October 25, 2017, . He also held many side meetings where he met with the US Treasury Secretary, heads of financial institutions and international companies.
Mr. Leon Black, Chairman, CEO and Founder of Apollo International, Mr. Mohammed Al-Erian, Chief Economic Advisor to Allianz's Board of Directors, Andrew Stelito, Co-CEO and Partner of British ABAX, John Defterios, an emerging markets editor, in CNN.
During the meeting, His Excellency the Minister of Finance spoke about the vision of the Kingdom of Saudi Arabia 2030 and its expected role in maintaining the stability of local and international markets. He pointed out that the vision incudes programs and initiatives aimed at creating a stable and attractive investment environment for foreign capital also stability of the region in general. It promotes the trend of making the Kingdom as the center of the region and the heart of the Islamic world. He also pointed out that the Kingdom's vision was a real response to the needs of internal development and a confirmation of a policy that seeks to build a diversified economy "It is not limited to economic reforms, but includes development goals in various fields."
Commenting on the fluctuations in the financial markets, His Excellency said that it did not surprise him, but noted that to take caution, anticipation and readiness in the case of unusual fluctuations. Stressing that fluctuations are part of the success of the economy and without fluctuations we cannot earn money, which is normal. The unnatural fluctuations are what we try to avoid, as the central bank and financial regulators do. His Excellency also praised the banking systems applied in the Kingdom, stressing that it is one of the five countries that have the best banking systems in the world.
In the context of the side meetings, HE Mr. Mohammed Al-Jadaan met with US Treasury Secretary Stephen Menuchin, in the presence of HE Dr. Ahmed Al-Khulaifi, Governor of the Saudi Arabian Monetary Authority (SAMA) where the two sides discussed the enhancement of cooperation between the two countries in a number of fields, including the training of Saudi youth from the Ministry's staff and others. As well as coordination of positions between the two countries in international and regional affairs. His Excellency also discussed the arrangements related to fighting against money laundering, the financing of terrorism and the mutual evaluation of the Kingdom. His Excellency also met the Chief Executive Officer of Standard Chartered Bank in the presence of Mr. Fahad Al Saif Head of the Public Debt Management Office and Advisor to the Minister of Finance where they discussed investment opportunities and the development of capital markets in the Kingdom. He also held a meeting with the CEO of Shell and Head of the New York Stock Exchange where they discussed investment opportunities available within the Kingdom's Vision 2030.
The Minister of Finance started the morning session by holding several separate meetings with heads of international financial institutions, in the presence of Mr. Al Saif, His Excellency met with Vice Chairman of Citi Group to discuss their commitment to the Kingdom Vision 2030 programs and development of Saudi talents in the financial sector. His Excellency also met with the Chairman of HSBC Group to discuss their continued commitment to support the transformation plans and the development of Saudi talents in the financial sector. He also met with the Chairman of the SMBC Group to develop the financial sector and national talents. His Excellency also met with the Chairman of Atlas Financial Services.
In the same context, His Excellency, at the evening sessions, held similar meetings, in the presence of Dr. Khalid Al Khudairi, Undersecretary of the Ministry of Finance for International Financial Affairs, and Mr. Ahmed Al-Suwayan, Undersecretary of the Ministry of Technology and Development, where he met with a member of the board and CEO of SABB International Software. The company presented a brief overview of the success of the solutions and technologies provided to the public and private sectors in the Kingdom. The company reviewed its investments in the Kingdom by establishing a data center that provides a number of cloud solutions for various sectors. The SABB also reviewed its international experiences in applying technical solutions to the Ministry of Finance initiatives to transfer to Accounting on the accrual basis and the Unified financial system. His Excellency also met with the Australian Minister of Trade, Tourism and Investment. The two sides discussed aspects of economic cooperation and common fields between the Kingdom and Australia. And the possibility of exchanging experiences between the two countries, especially that is relevant to the work of the Group of 20 countries.
