Minister of Finance Mohammad Al-Jadaan opened the second Saudi-Swiss Financial Dialogue (SSFD) in Zurich, in presence of Swiss Federal Councilor Ueli Maurer on Sunday.
The SSFD witnessed a MoU signing ceremony on cooperation between Tadawul and SIX Group Ltd.; and a ceremony for the entry into force of the Double Taxation Agreement (DTA) between both countries.
The second SSFD discussed a variety of topics; including reviewing the current domestic and regional macroeconomics developments, as well as Vision 2030.
Also, it focused on “innovation in financial sector”, overview on this vital sector, views on digitalization of capital markets sustainable finance and debt management. In addition, the second SSFD considered ways to strengthen the bilateral cooperation between the KSA and Swiss Confederation; with regard to financial markets, training programs, tax and stock exchange.
Valuable partner to Saudi Arabia
In his opening statement the Al-Jaadan welcomed the second SSFD between Saudi Arabia and Swiss Confederation. He emphasized that “Switzerland is a valuable partner to Saudi Arabia and a contributor in achieving Saudi Vision 2030 objectives”.
“We are pleased to join our friends in Zurich today to work together towards the transition of our economy to achieve Saudi Vision 2030 objectives. Besides, aspiring to become leaders in Finance, Technology, Tourism and Energy based on a Green Digital transition.
“We hope our discussions will create strategic partnerships that will strengthen our relationship to the betterment of our countries’ economies,” Al-Jadaan added.
The Swiss Federal Councilor welcomed the visit of Minister of Finance and the accompanying delegation. The first Saudi-Swiss Financial Dialogue was hosted in Riyadh in October 2019.
It is worth mentioning that the Swiss capital market is the 13th largest exchange globally. SIX Group Ltd hosts more than 235 companies as of 2018. “SIX” is one of the most diversified exchanges in terms of asset classes as well as sectors represented.
It hosts more than 500 different securities from more than 200 different countries and economies. Foreign investors own approx. 60% of the shares at top publicly listed Swiss companies.
It is worth mentioning that Switzerland has one of the fastest growing FinTech sectors globally; with more than 350 FinTech companies in 2018. The FinTech sector is one of the most diversified globally; where Zurich and Geneva ranked top 2nd and 3rd cities in the world that host FinTech hubs.