Al-Jadaan: Saudi Arabia advances toward a more sustainable financial market

Minister of Finance and Chairman of the Financial Sector Development Program, Mohammed Al-Jadaan, has announced that Saudi Arabia is making significant strides toward a more sustainable financial market, setting the stage for the Kingdom to take advantage of emerging growth prospects. Delivering remarks during the opening of the second Money20/20 Middle East conference at the Riyadh Front Exhibition and Conference Center in Malham, Al-Jadaan highlighted a three-day event that attracted over 38,000 attendees and 350 speakers, alongside 600 investors and 150 startups from various corners of the financial and technology industries, both domestically and internationally.

Al-Jadaan underscored that the assembly of financial industry leaders, investors, and innovators in Riyadh underscores the Kingdom's appealing financial and investment ecosystem, showcasing its capability to maneuver change with assurance and resilience. He further elaborated on Saudi Vision 2030's third phase, which is now concentrating on maximizing impact and building upon the achievements made thus far.

This focus encompasses improving market efficiency, empowering the private sector to expand and compete, bolstering the Kingdom's ability to attract capital, and broadening investment opportunities.

The Financial Sector Development Program, according to Al-Jadaan, has played a pivotal role in creating a more robust, diverse, and well-prepared financial landscape. This has been achieved through refining legislative and regulatory structures, deepening markets, broadening financing and investment avenues, and equipping the financial infrastructure to accommodate emerging technologies and novel business models.

The finance minister highlighted that the advancements realized in the financial sector are a natural progression of the transformation initiated under Saudi Vision 2030, along with the enablers and reforms introduced by the Vision.

Al-Jadaan stressed that the sector's capability to foster growth is intricately tied to its aptitude to adapt to changes swiftly while maintaining confidence and stability. He pointed to the Saudi financial sector's resilience demonstrated amidst recent economic and geopolitical shifts, which is attributed to robust regulatory and institutional frameworks, and strong levels of capital and liquidity.