LONDON: Saudi Finance Minster Mohammed Al-Jadaan told the Future Investment Initiative conference on Wednesday that increased financial transparency was vital to attract foreign investment. He also said it was a key part of the Kingdom’s Vision 2030 program to diversify the economy and make it less reliant on oil revenue.
He was speaking at a panel discussion in response to a question from panel host, John Defterios of CNN, who said people did not realize that the economic numbers coming from KSA today were far more informative than in yesteryear.
In response, Al-Jadaan said: “If we are expecting investors to partner with us to take advantage of opportunities to move the economy to 2030, we need to make sure we are giving them what they need, which is predictability, more transparency, more information and the sharing of data. We want to help their business, and give them an assurance about what we are doing.”
The panel heard that Saudi Arabia had moved to quarterly reports on GDP and published more information than ever before on bank and foreign exchange reserves.
Al-Jadaan said the private sector was the key driver of “where we want to go, and without it we will not be able to achieve what we have set out (in Vision 2030).”
He added: “We now have an enhanced regulatory framework that enhances transparency and predictability for the private sector. That leads to more stability.”
Al-Jadaan also reiterated support for Crown Prince Mohammed bin Salman’s statement to the conference on Tuesday, in which he promised to make Saudi Arabia, as it was before, “a country of moderate Islam.”
Defterios said over the past 24 hours several CEOs had told him those comments represented a shift, “a green light to go into a moderate, moderating open economy; it removes the uncertainty about whether there is an open-door policy in KSA.”
The finance minister said of Vision 2030: “It is saying we are open for business. We are welcoming and we are embracing our traditions and values as Muslims, and we will continue to do so.
“Islam is not radical, Islam is not extremist, Islam is moderate. We are making sure our society embraces the real Islam, the real values and real culture that you are seeing at this event today.”
He also said: “Vision 2030 is not about economic reform alone, it’s about social reform, it is about changing the lives of people in Saudi Arabia and the region.”
The aim was to make the Kingdom a catalyst for stability in the area. “We are at the center of the Islamic and Arab world. We need to make sure we utilize it for the benefit of our own good and also for the region,” said Al-Jadaan.
Saudi finance minister pledges greater transparency to lure investors
Saudi finance minister pledges greater transparency to lure investors
The secret keepers of desert balance in Saudi Arabia
- How the Kingdom’s wildcats control pests, protect public health, and sustain the ecosystem
RIYADH: During the summer of 2024, two desert lynx kittens were born in Taif as part of Saudi Arabia’s efforts to protect and increase the population of caracals in the country.
Although caracals are critically endangered, wildcats in general play a significant ecological role in the Kingdom. They act as natural pest control, and Saudi Arabia is committed to conserving these species while increasing their populations to support a thriving ecosystem.
Despite the Kingdom’s harsh, arid climate, conditions are suitable for wildcats not only to survive but also to flourish. Among the terrestrial species inhabiting Saudi Arabia are sand cats, Arabian wildcats, and the desert lynx.
Felis margarita, or sand cats, are small — around 40-60 cm — with pale sandy fur that allows them to blend into the desert. They have a broad head, large ears, and long hair on the bottom of their feet to walk on hot sand.
“It is small in size and does not mate with other cats. It is the only cat species in the world with hair on the soles of its feet instead of skin to prevent it from sinking into the sand,” said Obaid Alouni, a Saudi environmentalist.
Alouni explained that one defensive technique sand cats use is to lie flat on the ground to avoid detection.
“It lies flat on the ground when it senses danger to avoid being noticed by other animals.”
These cats primarily feed on rodents and small reptiles, occasionally large insects, obtaining their water from their prey. Sand cats are native to West Asia and help regulate rodent and insect populations, preventing outbreaks and reducing disease spread.
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Interestingly, raising sand cats as domestic pets is becoming more popular, Alouni said. But he emphasized that adoption is easier when they are kittens, as they remain wild animals. Although widely distributed across the Kingdom, exact population numbers are difficult to determine due to their elusive nature. They are currently listed as “least concern” by the International Union for Conservation of Nature.
Similar to sand cats, Arabian wildcats (Felis lybica) are found across the Arabian Peninsula and play a vital role in environmental health.
“They are wild cats that live independently without human intervention,” Alouni told Arab News.
Arabian wildcats resemble domestic cats but have thicker, sandy to grey-brown coats with faint stripes or spots and ringed tails with blunt tips. Like sand cats, they feed on rodents, birds, reptiles, and insects and are listed as “least concern” by the IUCN.
However, Alouni warned that pure populations of Arabian wildcats in Saudi Arabia could be threatened by hybridization with domestic cats.
“Currently, wild cats face the problem of interbreeding with domestic cats. This weakens their immune systems and makes them more susceptible to diseases from other cats,” he said.
“This contributes to the extinction of the purebred lineage and, consequently, the disappearance of their wild instincts,” he added.
DID YOU KNOW?
• Sand cats are the only cat species with hair on the soles of their feet, allowing them to walk on hot sand without sinking.
• Caracals, locally known as Al-Washaq, are native and endangered, capable of jumping 3 to 4 meters in a single leap.
• Pure populations of the Arabian wildcat are at risk due to hybridization with domestic cats.
While both species are desert dwellers, sand cats are harder to spot as they avoid heavily trafficked areas. They are mainly found in the Ad Dahna desert and the Empty Quarter, where sand dunes dominate the landscape. Arabian wildcats, however, inhabit rocky or mountainous areas such as the Tuwaiq Mountains, valleys, and farms with abundant small prey.
“Wild cats come around towns and villages, and unfortunately, begin mating with domesticated cats that people release outside,” Alouni explained. He stressed the importance of keeping domestic cats away from wildcat habitats, including deserts and camping sites.
The third wildcat species native to Saudi Arabia, the caracal or desert lynx, is critically endangered. “The lynx is classified in size between large and small, and is distinguished by its jump, which can reach 3 meters or even 4 meters in the sky,” Alouni described.
Locally known as Al-Washaq, desert lynx have reddish-tan coats, long legs, and black-tufted ears. They feed on birds, rodents, and sometimes small antelopes. Thankfully, these cats are protected under Saudi law due to their critically endangered status.
Hunting any sand cats, Arabian wildcats, or desert lynx can result in fines of approximately $20,000, according to the Saudi Ministry of Environment, Water, and Agriculture.
“There is a very severe financial penalty in Saudi Arabia for anyone who hunts it,” Alouni added.
The Kingdom has strict regulations to protect endangered animals, criminalizing not only hunting or killing but also trade. Violators could face penalties of up to $8 million, up to 10 years in prison, or both.
Overall, sand cats, Al-Washaq, and Arabian wildcats are essential to maintaining a healthy environment in Saudi Arabia. By controlling rodent populations, they help prevent outbreaks that could threaten agriculture and public health.
