Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan affirmed that the visit of US President Joseph Biden to the Kingdom of Saudi Arabia embodies the great importance that the US leadership considers to the Kingdom.
He noted that both countries enjoy historical relations and a distinguished strategic partnership that extends for more than nine decades.
The minister added that the visit reflects the international economic movement, which the Kingdom’s leadership attaches most importance in light of the development and increasing growth in the Saudi economic scene.
He touched on the depth of the economic relations between the Kingdom of Saudi Arabia and the US, which began in the year 1930 and resulted in the establishment of many joint projects between the two countries, and the signing of many memoranda and agreements.
The minister also pointed to the importance of developing financial, and banking relations, enhancing cooperation between the two countries within the framework of partnership and common interests between them, noting the progress made in this field so far, according to the Saudi Press Agency “SPA”.
Al-Jadaan praised the great role played by the Saudi-American Business Council since its establishment in confirming and strengthening relations between the Kingdom of Saudi Arabia and the US.
He explained that the Saudi financial system has provided many facilities to foreign investors, most notably the launch of the financial technology strategy – one of the pillars of the financial sector development program – which will contribute to achieving the goals of the Kingdom’s Vision 2030 by facilitating doing business.
The Minister of Finance noted that there are tremendous opportunities for investors in the Kingdom and the US to enhance cooperation in trade and financial services.
He indicated that the Kingdom’s Vision 2030 includes many economic and investment opportunities that could enhance the partnership between the two countries by providing promising Saudi opportunities for American companies to work in vital sectors such as infrastructure, insurance, banking, finance, and asset management.
They will also cooperate in the financial technologies, which can achieve the goals of the Kingdom’s Vision 2030.
He pointed out that the Saudi stock market has joined the MSCI Emerging Markets Index (MSCI), the FTSE Russell Index, and the S&P Index, in addition to the Saudi bond market joining several global indices, such as the FTSE Russell Emerging Markets Index.