The 9th Euromoney Saudi Arabia Conference, which concluded on Riyadh, drew more than 1,300 participants.

The event was inaugurated by Finance Minister Dr. Ibrahim Al-Assaf.

The theme of the conference, sponsored by the Ministry of Finance, was titled “Innovation, Competition and the Changing Dynamics of Globalization.”

Housing Minister Shwaish Al-Dowaihy, Economy and Planning Minister Muhammed Al-Jasser and Supreme Economic Council Secretary General Dr. Majid Al-Moneef.

Regulations, the global banking landscape and the need for a competitive environment were the focus of discussions.

During a session, Dimon outlined some of the challenges facing different nations in the globalized economy, but expressed optimism about the resilience and potential for future growth of the world economy.

“The number of global companies doing more than $1 billion in annual turnover will double very quickly and it will triple in the GCC,” he affirmed, adding that his company’s commitment to the Kingdom for the past 80 years.

Richard Banks, director, emerging markets of the Euromoney Conferences, told Arab News that the turnout was unprecedented and the speakers urged businessmen to invest in the Kingdom for lucrative results.

“Now we are drawing the chart to have the 10th Euromoney conference on a grander scale with the help of the ministry of finance here,” he added.

As a follow-up to the conference, he said, Euromoney will hold a conference in London on May 20.

The forthcoming conference — dubbed “The Saudi -UK Investment Forum’ — will be co-sponsored by the Saudi Arabian General Investment Authority.

“Saudi Arabia provides huge opportunities fior UK investors. The biggest market in the GCC already has well-established trade and investment links with Britain,” Banks said, adding that these links can be strengthened with the first Saudi-UK Investment Forum.

The forum would focus on health care, transport, education, offset and innovation and would encourage businessmen to have direct investment to the Kingdom .

“There are many opportunities for all UK businesses, financiers, advisers and investors to learn more about the Kingdom and meet the key Saudi institutions in London.”

One of the Kingdom’s most prominent economic diversification projects is the Saudi Arabian General Investment Authority (SAGIA)’s construction of four Economic Cities, set to generate $150 billion in GDP and create 1.3 million jobs by 2020.

The panel discussion on ‘ Growing Capital Markets’ was attended by Salah Al-Garawi, division head of Corporate Finance of Saudi Aramco, Adel Al- Ghamdi CEO of Tadawul (Saudi Stock Exchange), Yasser Al-shariff, CEO of Manafea Holding Company, Nina Lagron, senior fund manager Emerging markets Equities EMEA, Lilian Le Father, executive manager, capitals markets, Saudi Kuwait Finance House based in Bahrain and Abdulhad Shahadah, chief investment officer, HSBC Saudi Arabia.

During the discussions, it was highlighted that the Kingdom has the world’s biggest stock market.

The authorities are preparing to open the market soon and a regulatory framework is being set in place to allow foreign direct investment with a model adopted that is similar to China and Taiwan. With a strong banking sector and an increasing demand for sukuk bond issuance, the debt market needs to be diversified.

Currently, retail investors make up about 95 percent of trade with the remained from institutional investors.