Saudi Arabia look to global financial market

Saudi Arabia is making a concerted effort to attract global investmaudient in its economy with new initiatives, according to the country’s Minister of Investment, Khalid Al-Falih. Speaking at the Financial Sector Conference in Riyadh, Al-Falih announced that the kingdom aims to focus on the money market, insurance, and lending, and has initiatives in place to achieve this. He added that Saudi Arabia is one of the most attractive countries for investment, with the right balance between risk and return, growth opportunities, and profitability. Al-Falih emphasized that the country is on track to increase the size of its economy by 100%.

Alexandre Fleury, co-head of Global Markets Activities at Societe Generale, a French-based financial services firm, also spoke at the panel discussion titled “Investments for Tomorrow: The 13 Strategic Sectors.” Fleury praised Saudi Vision 2030, a diversification plan aimed at transforming the country from an energy superpower to an economic one. He commended the country’s progress, noting that it is “extraordinary” to be ahead of schedule. Fleury predicted that investors will soon have no choice but to invest in the kingdom.

The second edition of the Financial Sector Conference 2023, organized by Saudi Arabia’s Financial Sector Development Program partners, is taking place on March 15-16 at the King Abdulaziz International Conference Center in Riyadh. The event’s theme is global and regional economic uncertainty. The conference is timely, according to Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance, who stated in February that the launch of the conference comes at a critical time for the world, as the global economy faces slow growth, high inflation, and uncertainty, which have affected the global supply chain.

Saudi Arabia’s pursuit of diversification and efforts to attract investment in its economy have been ongoing, and the latest initiatives announced at the conference are part of this strategy. As one of the most attractive countries for investment, the kingdom’s aim to increase the size of its economy by 100% highlights its determination to become an economic superpower. The conference’s focus on global and regional economic uncertainty underscores the need for collaboration and strategic planning to overcome the challenges faced by the global economy.