Saudi Arabia and Oman sign a memorandum of understanding for cooperation in the financial sector

The Minister of Finance, Mohammed Al-Jadaan, and his Omani counterpart, Sultan Al-Habsi, signed a memorandum of understanding aimed at enhancing cooperation in financial affairs between the Kingdom of Saudi Arabia and the Sultanate of Oman.
This came on the sidelines of the Islamic Development Bank Group Governors Forum, yesterday, in Medina.
He said: The memorandum of understanding represents a prominent step within the ongoing efforts to deepen cooperation between the two brotherly countries, noting that it will contribute to the exchange of financial expertise and enhance the exchange of knowledge, which will further support economic relations.
Minister Al Habsi stressed the importance of the memorandum of understanding as a fundamental pillar for strengthening bilateral relations, explaining that it will contribute to facilitating the exchange of information and financial expertise, in addition to enhancing coordination between the Kingdom of Saudi Arabia and the Sultanate of Oman on regional and international financial issues of common interest.
This agreement confirms the commitment of the two countries to joint work to achieve the desired goals in the financial sector, which reflects the depth of the strong fraternal relations between the Kingdom of Saudi Arabia and the Sultanate of Oman.

Consultative Forum

Yesterday, Finance Minister Mohammed bin Abdullah Al-Jadaan participated in the consultative meeting of the Board of Governors of the Islamic Development Bank Group, which was held at the King Salman International Convention Center in Medina.
The forum witnessed high-level consultations and in-depth discussions to exchange visions and ideas with the aim of developing an updated strategy for the bank for the period from 2026 AD to 2035 AD.
The Minister delivered a speech in which he welcomed the Bank’s governors, praising the importance of the forum as a platform for drawing future features that enhance the Bank’s role in achieving sustainable development.
In his speech, he discussed the general frameworks and topics of the strategic discussion, in addition to the priorities that should be taken into account when preparing the bank’s future strategy.
In this context, he stressed the commitment of the Kingdom of Saudi Arabia to supporting joint development efforts and strengthening Islamic solidarity, pointing to the pivotal role that the Kingdom has played since the founding of the Islamic Development Bank Group as one of its largest shareholders.
He stressed the importance of focusing on the main axes of the next stage, which include optimal exploitation of the bank’s comparative advantage in order to enhance its efficiency and effectiveness, achieving a direct developmental impact on the lives of individuals in member states, strengthening the institutional governance framework to ensure transparency and efficiency, and making optimal use of financial and knowledge resources to serve the goals of Development in member states.
Al-Jadaan explained that the Kingdom will continue its firm support for the Islamic Development Bank and member states to achieve the aspirations of its people towards a brighter future, stressing the importance of fruitful dialogue and presenting constructive proposals that contribute to enhancing the process of sustainable development.