The State of Qatar and the Kingdom of Saudi Arabia have signed a memorandum of understanding (MoU) aimed at strengthening cooperation in the finance sector. The agreement was formalized by Qatar’s Minister of Finance, His Excellency Ali bin Ahmed Al Kuwari, and Saudi Arabia’s Minister of Finance, His Excellency Mohammed Aljadaan.
Speaking at the signing ceremony, Minister Al Kuwari emphasized the significance of the agreement, highlighting its potential to enhance collaboration between the two Gulf nations. “The signing of the MoU comes in recognition of the importance of exchanging expertise and information in the financial sector,” he said. “It will allow both parties to benefit from each other’s experience and strengthen relations in this field.”
Saudi Arabia’s Finance Minister, Mohammed Aljadaan, echoed these sentiments, noting that the agreement is a key step in bolstering economic ties between the two countries. He added that the MoU covers various aspects of the finance sector, including macroeconomic policy, public sector laws, and legislative measures aimed at promoting economic growth in the region.
The memorandum aims to promote international standards of transparency by facilitating the exchange of financial information between the two nations. It reflects both countries’ commitment to consolidating coordination on regional and international financial matters and addressing global issues such as climate change, which are closely linked to financial policies.
The agreement also seeks to develop broader financial policies and improve the analysis of public financial data. This enhanced cooperation is expected to foster a more robust financial environment in both Qatar and Saudi Arabia, supporting economic growth and stability.
The signing of the MoU marks a significant step in deepening the relationship between Qatar and Saudi Arabia, particularly in the finance sector, and underscores their shared commitment to addressing regional and global economic challenges.
