Minister of Finance Signs MoU to Boost Financial Skills Among Saudi Youth

Press release

Published January 15th, 2018 - 11:41 GMT

As part of the Ministry’s Advanced National Talent Development Program, the MoU was signed to promote the development of Saudi youth’s skills in the financial sector.

Mohammed Al-Jadaan, Minister of Finance, today announced the signing of a Memorandum of Understanding (‘MoU’) with Mitsubishi UFJ Financial Group (‘MUFG’), Japan’s largest financial group, to promote the development of Saudi youth’s skills in the financial sector as part of the Ministry’s Advanced National Talent Development Program.

The Memorandum of Understanding was signed by Nawaf Al Dhubbaib, Director General of Human Resources, and Yasushi Itagaki, Managing Executive Officer of the Bank of Tokyo-Mitsubishi UFJ, Ltd. (‘BTMU’), the banking branch of MUFG, in the presence of senior officials from the Ministry of Finance and members of the executive and regional management team at BTMU.

The Ministry of Finance’s Advanced National Talent Development Program aims to boost the professional capabilities and technical skills of young Saudis and supports the transformation phase of the Ministry, in line with the objectives of the Kingdom’s Vision 2030. The initiative focuses on human capital development in the fields of accounting, taxation, economics, financial analysis, project management, legal consultation, marketing and communications, information technology and other important disciplines.

Al-Jadaan said: “This agreement is an important milestone towards achieving the objectives of the Financial Sector Development Program, one of the key Programs listed as part of the Kingdom's Vision 2030. It will strengthen and promote the growth of human capital in the Kingdom through knowledge transfer in the financial sector, in line with international best practice. It will also strengthen Saudi Arabia’s position in the regional and international financial community.”

"The Ministry of Finance has been taking steps to help Saudi Arabia become one of the world’s 15 largest economies by 2030 by supporting the development of a stable and diversified financial system based on effective financial policies and prudent management of resources.”

Fahad Al-Saif, Head of the Debt Management Office and Advisor to the Minister of Finance, said: “The Mitsubishi UFJ Financial Group has been a key strategic partner assisting with the development of the Office since 2016."

Source: Saudi Gazette

Background Information

Ministry of Finance (Saudi Arabia)

When instructions were issued by the Kingdom of Hejaz that financial matters were to be managed by a finance directorate, a single entity in the form of a General Directorate of Finance was established on 14/10/1927 . Royal Order No. 381 was issued on 14/5/1932 . changing the name of the General Directorate of Finance to the Ministry of Finance, thus becoming the second ministry to be established after the Ministry of Foreign Affairs. The Ministry of Finance was made responsible for regulating, managing and securing the collection of state funds, and their expenditures, and became the general authority for financial matters in the Kingdom of Hejaz and Nejd and its subsidiaries. In 1936, as the activities of the Ministry of Finance expanded in scope, a number of general directorates were established within the ministry, including the Petroleum and Minerals Directorate, the Public Works Directorate, and the Customs Directorate, in addition to special bureaus concerned with corporations, development projects, cash, Zakah, revenue, and Hajj Affairs. The Personnel and Retirement Bureau was established in 1938 . followed by the Agriculture Directorate in 1948, and on 16/4/1955 , a Communications Agency was established within the Ministry of Finance, and included the Electricity and Postal Directorates and the Roads and Railway Authority. In order to meet the requirements of economic expansion, Ministerial Order No. 518 was issued on 9/8/1951 establishing a bureau to monitor economic affairs and issues related to various international organizations set-up in accordance with the Security Council resolutions and the United Nations decisions, and also official regional conferences. Royal Decree No. 1697 was issued on 27/6/1953 establishing the Ministry of Economy to replace the Bureau for Economic Affairs. Royal Decree No. 31 was issued on 4/9/1954 merging the Ministry of Economy and the Ministry of Finance into a single ministry called the Ministry of Finance and National Economy. Royal Order No. 2/A was issued on 1/5/2003 transferring responsibility for economic activity from the above-mentioned ministry to the Ministry of Planning, and thus changing the name of the Ministry of Finance and National Economy to the Ministry of Finance, and the name of the Ministry of Planning to the Ministry of Economy and Planning.