Saudi Arabia’s Finance Minister Mohammed Al-Jadaan stated that in developing a modern financial oversight system, Saudi Arabia needs to invest in local talent as well as regulatory reform.
In his speech at the Financial Oversight Forum, Al-Jadaan said that establishing a proper oversight system should be built through a long-term investment in human resources through training and development courses.
This is in line with the wider Saudi Arabian agenda of developing future-focused skills, such as the introduction of the National Skills Platform in April, to train the workforce to have the right skills that match the global trends.
It also coincided with the Kingdom’s financial ecosystem to hit a record of SR1 trillion ($267 billion) locally controlled assets in 2024, which is one of the milestones in the transformation of the system under the Vision 2030.
During his speech, Al-Jadaan added that “Institutions don’t advance through systems alone, but also through the culture of their employees.”
Argaam indicated that in the forum, the minister reported that the Financial Control System is a paradigm shift in the method of oversight that enhances the legislative system of controlling financial activities within the government bodies and organizations through a more flexible and a more inclusive model, which aims at safeguarding public funds.
He also stated that the new system would improve technical oversight using government financial systems and data to promote continuous monitoring, as well as early identification and efficient management of risks.
Al-Jadaan added that Saudi Arabia was still achieving a lot for the goals of the vision 2030, and the management and control of the collections of public funds were the pillars of the enhancement of the efficiency and sustainability of government work.
He further highlighted the pivotal role of the General Auditing Bureau, citing its professional work to formulate oversight practices and increase the levels of financial discipline, which contributes to integrated oversight and more efficient public spending.
In a post on X (formerly known as Twitter), the minister said that “I was pleased to participate in the Financial Oversight Forum organized by the General Auditing Bureau, which reflects the importance of developing the financial oversight system to protect public funds and enhance governance and financial discipline, thereby supporting the sustainability of public finances and aligning with the objectives of Saudi Vision 2030.”
“I also commend the bureau’s pivotal role and its professional efforts in developing oversight practices, including this forum,” he added.
