Saudi Arabia operates the best banking systems globally, says finance minister
Saudi Arabia is one of five countries around the world that uses the best banking systems, said the kingdom’s Finance Minister Mohammed al-Jadaan. The 2030 vision will be a key focus for the development of various financial sectors, he added.
His comments came during his participation in a seminar titled: Between the expected and the surprising, has the fluctuation era came to an end? The panel discussion was part of the landmark Future Investment Initiative conference in Riyadh alongside CEO and Founder of Apollo Global Management, Leon Black, Senior Economic Advisor to Allianz Board of Directors Mohammed Al Arian, Senior Economic Advisor to Allianz Board of Directors Andrew Stilito while the session was moderated by CNN’s John Defterios, an editor interested in Emerging Markets, on CNN.
Building a diversified economy
Jadaan spoke about Saudi’s Vision 2030 and said spoke of its expected role in maintaining the stability of local and international markets, and its programs and initiatives which aim to creating a stable and attractive investment environment for foreign capital.
He stressed that the transformation Saudi Arabia has witnessed so far due to the vision contributes to the stability of the region as a whole and promotes the trend of making Saudi Arabia the center for the region and the Islamic world. He pointed out that the 2030 vision was a real response to the internal development needs and an affirmation of a policy that seeks to build a diversified economy. It is not limited to economic reforms, but includes development goals in various fields; the vision came to face any fluctuations might occur in the international markets.
Commenting on the fluctuations in the financial markets, Jadaan noted that caution, anticipation and preparedness should be taken in case we faced unusual fluctuations, stressing that fluctuations are part of the success of the economy and without fluctuations no profit can be made, which is normal, while the abnormal fluctuations these what we are trying to avoid, same as the Central Bank and financial regulatory bodies do, he praised the banking systems applied in Saudi Arabia, being one of the five countries that have the best banking systems globally.
