Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, recently participated in the General Auditing Bureau’s 14th annual seminar, where he spoke about applying corporate governance and best practices in public sector institutions. The event, which was held at Intercontinental Hotel in Riyadh, featured a range of both local and international speakers who discussed topics related to the seminar’s theme: The Role of Governance of Public Institutions in Fulfilling the Saudi Vision 2030.
In his speech, Al-Fares, discussed improving the efficiency of spending and competitiveness in the private sector, and how these apply to the public sector, especially toward the goal of enhancing operational effectiveness and reducing fiscal waste.
He also spoke about the functional practice of Ittizan – which is considered a model for the efficient planning and implementation of programs – that is being used in recently launched public sector programs. With Ittizan, said Al-Fares, a comprehensive, accurate reviews of financial and government regulations, coupled with principles of responsible policy, can shift the planning focus from mere procedural accuracy to spending efficiency.
Additionally, Al-Fares spoke about the importance of increasing the long-term investment in industrial and infrastructure projects, entrepreneurship, job creation, enhancing domestic production, and economic diversification. As well, he highlighted some of Saudi Arabia’s strengths and competitive advantages including its history as a pioneer in the petrochemical industry, and its growing talent pool of promising young Saudis graduating from the kingdom’s schools.
In closing, Al-Fares encouraged further work towards economic growth and sustainability. He also stressed the vital role government bodies would play in achieving the kingdom’s goals and the need to continue along the path of transparency, cooperation and consultation in decision-making, and good corporate governance practices.