Multilateral action needed to promote sustainable economic growth, says Saudi finance minister

Saudi Minister of Finance and Chair of the International Monetary and Financial Committee Mohammed Al-Jadaan. X/@MAAljadaan
Short Url
Updated 22 October 2024
Follow

Multilateral action needed to promote sustainable economic growth, says Saudi finance minister

  • Saudi minister of finance said low-income nations are most affected by challenges facing global community
  • Mohammed Al-Jadaan said global financial institutions must continue to adjust quickly and decisively to solve challenges

RIYADH: Multilateral action should be adopted to address current risks and promote future sustainable economic growth and human development, a top Saudi official reiterated.  

While attending Macro Week at the Peterson Institute for International Economics on Oct. 21 in Washington, D.C., alongside the 2024 International Monetary Fund and World Bank Group Annual Meetings, Saudi Minister of Finance and Chair of the International Monetary and Financial Committee Mohammed Al-Jadaan highlighted that low-income nations are the most affected by challenges facing the global community.  

During his speech, Al-Jadaan also underlined that it is essential that global financial institutions continue to adjust quickly and decisively to solve challenges such as poverty and inequality, according to a statement.   

This commitment falls in line with the Kingdom’s Vision 2030 goal of a “Thriving Economy,” which stipulates generating diversified opportunities and attracting global talents and expertise to contribute to Saudi Arabia’s economic development.   

It also aligns well with the Sustainable Development Goal of promoting inclusive and long-lasting economic growth and achieving full and productive employment, decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value by 2030.   

“MDBs (Multilateral Development Banks) need to increase their focus on capacity-building, as well as provide the support and advice needed,” Al-Jadaan said during his speech.

“Today, I participated in the PIIE Macro Week on the sidelines of the 2024 Annual Meetings of the IMF and the World Bank, during which I stressed the importance of strengthening multilateral action to achieve sustainable economic growth.,” the minister said in a statement on X. 

The SDGs cover several aspects, including strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.

It also entails protecting labor rights and promoting safe and secure environments accessible to everyone, including migrant workers – mainly females – and those in precarious employment. 

PIIE is recognized as a prominent global research institution that offers policy analysis and pragmatic approaches to bolster the resilience of the global economy. 

The organization strives to enhance global economic stability through actionable solutions by engaging top-tier experts in the field. 

PIIE Macro Week aims to assemble finance ministers, central bankers, governmental authorities, and industry influencers worldwide for deliberations on macroeconomic matters. This event also seeks to identify strategies to fortify global economic steadiness and advancement.


Artificial intelligence is transitioning into a ‘digital employee’

Updated 27 February 2026
Follow

Artificial intelligence is transitioning into a ‘digital employee’

  • AI can be an effective tool, business leaders tell Arab News
  • Not about jobs, but ‘convergence of human capital and AI’

RIYADH:  Artificial intelligence is fundamentally reshaping the world of work, transitioning from a supporting tool to an active partner that is radically changing the nature of professions and productivity standards.

Amidst the current global transformations, an active regional digital environment is emerging.

This is being led by Saudi Arabia through Vision 2030 and massive investments in smart infrastructure, providing a living model for studying the implications of this partnership between humans and machines on the future of work in the region.

Arab News spoke to various business leaders about the emerging shape of the sector.

Salem Bagami, co-founder of Metatalent, said the ideal relationship between humans and machines at work should be complementary and collaborative.

Humans would bring creativity, emotional intelligence, and complex decision-making, while machines excel at processing big data and performing repetitive, precise tasks.

He believes that this type of balanced partnership would lead to unprecedented productivity and innovation.

While machines excel at processing big data and performing repetitive, precise tasks, humans would bring creativity, emotional intelligence, and complex decision-making. (Supplied)

Mohammad Al-Jallad, chief technologist and director at HPE, said AI has gone beyond being merely an executive tool to becoming a “digital employee” entrusted with automating routine tasks and providing insights based on data analysis.

He believes that the real opportunity lies not in the debate over job replacement, but in “the convergence of human capital and artificial intelligence.”

AI should augment human teams by taking on menial and routine tasks, enabling employees to focus on critical thinking, creativity, and ethical reasoning, significantly improving operational results.

Bagami also emphasized the complementary nature of this partnership. “The ideal relationship between humans and machines at work is one of collaboration, where each complements the others.”

He explained that humans bring creativity, emotional intelligence, and nuanced decision-making, while machines excel at processing big data and performing repetitive tasks efficiently, leading to increased productivity and innovation.

Opinion

This section contains relevant reference points, placed in (Opinion field)

Salem Alanazi, chairman of Jathwa Technology Co., notes a significant trend among Saudi Arabia companies toward using AI applications to provide faster services to customers at lower costs.

The emergence of the “virtual employee” available around the clock has eliminated the need for some traditional jobs in specific sectors.

Alanazi warns that some companies’ reluctance to adopt AI may expose them to real risks. “All those who hesitated to benefit from AI applications have a lack of understanding of these technologies.”

He said those who adopt these technologies will be able to offer lower-cost, higher-quality services, which will affect the market position of companies that lag behind.

Ali Aljumhour, CEO of VALUE Consultancy, said that the transition of AI into a partner has reshaped the list of most in-demand skills in the job market.

Skills such as “prompt engineering,” “human-machine integration,” and “digital ethics” are becoming increasingly important.

He added that AI has become an instantly available “technical knowledge base,” shifting the criteria for professional distinction toward those capable of smart interaction with these technologies.

In terms of ethics, transparency, and trust, Alanazi points to the complexities of global AI governance, where legislation overlaps and evolves rapidly to keep pace with potential risks, particularly in the areas of cybersecurity and privacy.

Ali Aljumhour, CEO of VALUE Consultancy. (Supplied)

Al-Jallad emphasizes this crucial dimension, noting that providing responsible and reliable AI solutions that meet the highest standards of transparency is a key priority, especially in regulated sectors.

Bagami believes there should be basic standards for the ethical use of Al, emphasizing the need for transparency, accountability, and fairness, along with using diverse data sets to prevent bias and protect privacy.

He believes that building trust between humans and machines requires clear explanations of how systems work, giving users the opportunity to provide feedback and conducting periodic performance reviews.

On performance evaluation, Aljumhour said: “I expect radical changes in standards, shifting from measuring individual effort to evaluating the quality of the partnership between humans and machines.”

There should be a focus on the quality of inputs provided to intelligent systems, the accuracy of review and modification, and complex decision-making based on outputs.

He warns, however, of new risks that may arise, such as over-reliance on AI or difficulty in determining responsibility for mistakes.

In the employment sector, Aljumhour expects fundamental changes in standards.

There will be questions and tests focusing on measuring skills in dealing with AI, such as asking candidates about their experiences of collaborating with these systems, or testing their ability to formulate effective requests for complex tasks.

Aljumhour identifies significant human challenges in this transition, with “fear, loss of power, and exclusivity of knowledge” being the biggest concerns for experienced employees.