Financial institutions

Arab financial institutions urged to revise their strategies to keep pace with developments

Saudi Arabia called on Arab financial institutions to review their work strategies to catch up with international developments and rapid technological advancements.

This happened during the annual joint meetings of Arab financial institutions, which began Thursday in Jeddah under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The event is organized with the participation of Arab Ministers of Finance and Economy, Chairmen of the Boards of Directors of Arab Financial Institutions, Governors of Arab Central Banks, Directors of Arab Financial Institutions and representatives of the Monetary Fund (IMF), the World Bank, the Islamic Development Bank, and experts and specialists in the financial and economic fields.

The meetings will see the discussion of recent financial and economic topics, as well as plans and strategies in the areas of sustainable development, their impact on Arab economies, in addition to the role of Arab financial institutions and an institutional structure to establish joint Arab action.

In an address delivered on this occasion, the Saudi Minister of Finance, Mohammed Al-Jadaan, said: “The Kingdom is delighted to host the annual joint meetings of the Arab financial institutions, which are an opportunity to review the results of the work of the institutions over the past year, assess what has been achieved and explore future prospects for strengthening the role of the institutions in strengthening cooperation among Arab countries.

He added that Arab countries are still suffering from the repercussions of the Covid-19 pandemic, stressing Saudi Arabia’s contribution to the development of economic relations among Arab countries through effective regional institutions.

Al-Jadaan called on Arab financial institutions to benefit from the circular carbon economy approach endorsed by the leaders of the Group of Twenty, during the Kingdom’s presidency in 2020, adding that Saudi Arabia hailed the Arab initiatives in the field of youth empowerment, human capital development, support for small and medium enterprises and the creation of employment opportunities.

He also urged Arab institutions to review their strategy and work orientations in light of global changes and in accordance with regional requirements, within a comprehensive framework that takes into account needs and priorities and objectively measures potential returns.