Saudi Finance Minister, Mr. Mohammad Al-Jadaan commenced the Second Saudi-Swiss Financial Dialogue (SSFD) in Zurich in the presence of Swiss Federal Councilor Mr. Ueli Maurer.
The SSFD witnessed the signing of a Memorandum of Understanding (MoU) on cooperation between Tadawul and SIX Group Ltd., as well as the entry into force of the Double Taxation Agreement (DTA) between the two countries.
The Second SSFD included a wide range of issues, including a review of current domestic and regional macroeconomic trends as well as Vision 2030. It also focused on “Innovation in the Financial Sector” providing an overview of the key industry as well as perspectives on digitalization of capital markets, sustainable finance, and debt management.
Moreover, the second SSFD discussed methods to improve bilateral collaboration between the Kingdom of Saudi Arabia and the Swiss Confederation in areas such as financial markets, training programs, taxation, and stock exchange.
“We are glad to join Switzerland in Zurich to work on the transition of our economy in order to accomplish the Saudi Vision 2030 goals. Based on a Green Digital transformation, we want to be leaders in finance, technology, tourism, and energy. We hope that our conversations will lead to strategic agreements that will improve our relationship and benefit the economies of both of our countries.”
Riyadh hosted the first Saudi-Swiss Financial Dialogue in October 2019. The Swiss stock exchange is the world’s thirteenth largest exchange. As of 2018, SIX Group Ltd is home to around 235 businesses. In terms of asset classes and industries represented, “SIX” is one of the most varied exchanges. There are over 500 different securities from over 200 different countries and economies on the platform.
Switzerland is one of the fastest-growing FinTech sectors in the world with over 350 businesses in 2018. The sector is one of the most diverse in the world, with Zurich and Geneva ranked as the world’s second and third FinTech hubs, respectively.