Arab Financial Institutions Urged to Review Strategies to Keep Pace with Developments
Saudi Arabia called on Arab financial institutions to review their work strategies in order to catch up with international developments and the rapid technological progress.
This came during the annual joint meetings of the Arab Financial Institutions, which kicked off on Thursday in Jeddah under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz.
The event is held with the participation of Arab finance and economy ministers, chairmen of boards of directors of Arab financial institutions, governors of Arab central banks, directors of Arab financial institutions, and representatives of the International Monetary Fund (IMF), the World Bank, the Islamic Development Bank, and experts and specialists in the financial and economic fields.
The meetings will witness 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 an institutional structure for establishing joint Arab action.
In remarks on the occasion, Saudi Finance Minister Mohammed Al-Jadaan said: “The Kingdom looks forward to hosting the joint annual meetings of the Arab Financial Institutions, which is an opportunity to review the results of the institutions’ work for the past year, evaluate what has been accomplished, and explore future prospects to enhance the role of institutions in strengthening cooperation between Arab countries.”
He added that Arab countries were still suffering from the repercussions of the Covid-19 pandemic, emphasizing Saudi Arabia’s contribution to the development of economic relations between Arab countries through effective regional institutions.
Al-Jadaan called on Arab financial institutions to benefit from the circular carbon economy approach approved by the leaders of the Group of Twenty, under the Kingdom’s presidency in 2020, adding that Saudi Arabia commended Arab initiatives in the field of youth empowerment, human capital development, support for small and medium enterprises and the creation of job opportunities.
He also urged the Arab institutions to review their work strategy and directions in light of global changes, and in accordance with regional requirements, within a comprehensive work framework that takes into account needs and priorities and objectively measures potential returns.