RIYADH: High on its economic diversification agenda, Saudi Arabia is looking to tap into the global financial market to attract investment in its economy with new initiatives, according to a top minister.
Speaking at the Financial Sector Conference in Riyadh, Saudi Minister of Investment Khalid Al-Falih said: “We want to focus on the money market, insurance and lending, and we have initiatives that focus on this.”
He said the Kingdom is now one of the most attractive countries for investments as it has the right balance between risk and return, growth opportunities, as well as profitable opportunities.
The minister insisted that the Kingdom is on the right track to increase the size of the economy by 100 percent.
“We are now in the middle of the road in implementing the Saudi Vision 2030 and on the right track to double the size of the economy,” Al-Falih explained.
Speaking at the same panel, Alexandre Fleury, who is the co-head of Global Markets Activities at French-based financial services firm Societe Generale, agreed that what has been happening with Saudi Vision 2030 has been nothing short of “extraordinary.”
“To be ahead of schedule is a tremendous achievement,” Fleury noted during the panel discussion titled “Investments for Tomorrow: The 13 Strategic Sectors.”
Complimenting how Saudi Arabia is diversifying from an energy superpower to an economic superpower, he said soon investors will have no choice but to invest in the Kingdom.
Global and regional economic uncertainty is one of the key themes of the second edition of the Financial Sector Conference 2023 being held in Riyadh on March 15 to 16.
Organized by Saudi Arabia’s Financial Sector Development Program partners, which are the Ministry of Finance, the Capital Market Authority, and the Saudi Central Bank, the event is taking place at the King Abdulaziz International Conference Center.
“The launch of the second edition of the Financial Sector Conference comes at a critical time in the world as the regional and international financial community seeks to overcome the current challenges of the global economy, including slow growth, high inflation, and uncertainty, which have affected the global supply chain,” Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance, said in a statement back in February.