RIYADH: Saudi Arabia must invest in national talent alongside regulatory reforms to build a modern financial oversight system, Finance Minister Mohammed Al-Jadaan said. 

Speaking at the Financial Oversight Forum, Al-Jadaan said developing an effective oversight framework requires sustained investment in human capabilities through training and development programs.  

This aligns with Saudi Arabia’s broader efforts to build future-ready skills, including the launch of the National Skills Platform in April to equip the workforce with capabilities aligned with global trends. 

It also comes as the Kingdom’s financial ecosystem reached a record SR1 trillion ($267 billion) in locally managed assets in 2024, marking a key milestone in its transformation under Vision 2030.  

“Institutions don't advance through systems alone, but also through the culture of their employees,” Al-Jadaan said during his speech. 

During the forum, the minister said the Financial Control System represents a fundamental shift in oversight methodology, strengthening the legislative framework governing financial operations in government entities through a more flexible and comprehensive model focused on protecting public funds, Argaam reported. 

He added that the new system enhances technical oversight by leveraging government financial systems and data to support continuous monitoring, while also enabling early detection and effective management of risks. 

Al-Jadaan said Saudi Arabia continues to make significant progress toward the objectives of Vision 2030, with public finance management and oversight serving as a cornerstone for improving the efficiency and sustainability of government performance. 

He also emphasized the vital role played by the General Auditing Bureau, noting its professional efforts to develop oversight practices and raise levels of financial discipline, contributing to integrated oversight and more efficient public spending. 

In a post on X, the minister said: “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.”  

He added: “I also commend the bureau’s pivotal role and its professional efforts in developing oversight practices, including this forum.”