Saudi Arabia in midst of 'unprecedented transformation' - finance minster

Mohammed Al Jadaan lauds reforms being implemented in the kingdom
Mohammed Al Jadaan said the kingdom was making significant progress in achieving the objectives set out in Vision 2030.
By Sarah Townsend
Thu 12 Oct 2017 10:38 AM

Saudi Arabia’s minister of finance has praised the kingdom’s efforts to meet goals set by Vision 2030, and said that the country is witnessing transformative change.

Mohammed Al Jadaan was quoted in Saudi Press Agency (SPA) as saying the kingdom is in the midst of an unprecedented economic transformation.

“We are currently seeing large-scale reforms, including correcting energy prices, focusing on supporting small and medium enterprises, preparing government-owned companies for privatisation, public-private partnerships and transforming the Public Investment Fund (PIF) into one of the largest sovereign wealth funds in the world.”

SPA said he made the comments in a speech at the Saudi Investment Forum hosted by JP Morgan in New York this week.

The minister said the kingdom was making significant progress in achieving the objectives set out in Vision 2030.

The Vision 2030 strategy is a roadmap for diversifying the economy away from dependence on oil revenues, and making the necessary changes to modernise the country.

Saudi Arabia is already beginning to reap the fruits of the reforms it has made to date, by increasing confidence in investors and creating a more stable working environment, Al Jadaan said.

He pointed to the successful issuance of international and local debt securities in the kingdom, including the international sukuk launched in April, which generated subscriptions of more than $33 billion.

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