RIYADH: More than 1,500 people from 30 countries have registered to attend the Euromoney Saudi Arabia conference, which is taking place today in partnership with the financial industry conference. As 2022 promises to be a tough year for the global economy, the event aimed to analyze Saudi Arabia’s economic performance and future strategies.
Organized under the high patronage of HE Mr. Mohammed Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, the event focused on “The institutionalization of investment and finance”. It provided a platform for high-level policy makers, financiers and investors to network and exchange ideas while addressing a range of issues.
These included discussion of topics such as: “Saudi Arabia’s Economy in the Context of the Global Macroeconomic Outlook”, “ESG and Climate Change: Does ESG Matter in Saudi?”, “The institutionalization of the real estate market – housing, logistics, tourism, hospitality and revitalization of REITS”, “The digitalization of financial services and what the Saudi banking sector could look like in three years”, and “The development of venture capital in the Kingdom” .
HE Mohammed Al-Jadaan delivered the opening welcome speech for the event, drawing attention to the Kingdom’s growth as a global hub for innovation and investment. Looking to the future, the conference also explored the Kingdom’s path to recovery, highlighting new economic initiatives – launched in the wake of COVID-19 – to safeguard the country’s development.
These programs and opportunities were explored during the day in introductory and one-on-one talks with HE Majed bin Abdullah Al-Hogail, Minister of Municipality, Rural Affairs and Housing, Kingdom of Saudi Arabia ; Renée McGowan, President, Asia, Middle East and Africa (AMEA), Mercer; HE Mohammed El-Kuwaiz, Chairman, Capital Market Authority (CMA); and Hani Al-Medaini, Director General, Saudi Center for National Debt Management.
HE Mr. Mohammed Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, said: “Hosting this important event goes hand in hand with continuing to reap more positive results from the comprehensive reforms that our country has been through. witnessed over the past few years achieving the goals of the Kingdom Vision 2030 programs.” He noted that “despite the many challenges the world has faced in recent years, the Saudi economy has emerged stronger than ever, as the non-oil economy grew by 5.4% in the second quarter of 2022. in real terms compared to the same period of the previous year. HE Mohammed El-Kuwaiz, Chairman of the Capital Market Authority, which is the supporting body of the Euromoney Saudi Arabia conference, said: “Saudi Arabia emerged from the COVID19 pandemic performing better and more improved than most countries.As global economies experience a decline in economic activity, Saudi Arabia is experiencing major economic growth as projections indicate that the The Kingdom’s economy will grow at a rate of 7.6% in today’s world, making it one of the top 10 fastest growing economies in 2022. This is a great indication that the Kingdom is on the right path, that This rapid economic development will enable Saudi Arabia to achieve its vision of being among the 15 largest economies in the world by 2030.
To achieve these ambitious objectives, it is necessary to build new sectors, which require intensifying the rates of investment in the national economy. For the first time, we are witnessing the transformation of the Kingdom from fund exporter to fund importer. Therefore, the Kingdom has launched various national programs and initiatives during the past period, which will promote investment in the local economy. This coincided with the opening of the Saudi stock market to foreign investors and its inclusion in global indices, which led to the value of foreign investments in the Saudi market reaching over 350 billion by mid-2022. HE Majed Al-Hogail, Minister of Municipality, Rural Affairs and Housing, said: “Our main objective is to provide the necessary supply to the market, we intend to meet this challenge by offering a large number of new housing projects on government land. “The main sponsors of the conference are: Citi, Dar Al Arkan Real Estate Development, Gulf International Bank, Riyadh Bank, Saudi Tadawul Group, Standard Chartered and The Financial Academy. The Capital Market Authority is the supporting body. Colliers will serve as presenting sponsor and real estate advisor.
The co-sponsors of the conference are: Alinma Bank, Alkhair Capital, BLOMInvest, HSBC, KAMCO Invest, Mercer and Saudi Real Estate Company. Knight Frank was announced as the event’s knowledge partner, Derayah Financial is an associate sponsor and Argaam as its digital sponsor. Sidra Capital will serve as exhibitor and BCA Research as research partner. CNBC Arabia is the official broadcast partner.
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