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RIYADH: Top Saudi officials on Wednesday expressed satisfaction over the “strong” economic recovery of the Kingdom following the COVID-19-induced global economic slowdown and highlighted the initiatives to transform the country into a global hub of innovation and investment.

They spoke at the Euromoney Saudi Arabia Conference held on Wednesday in the Saudi capital Riyadh in partnership with the Financial Sector Conference. Over 1,500 people from 30 countries were registered to attend the event, which sought to analyze the Kingdom’s economic performance and its future strategies. 

Focused on “The Institutionalization of Investment and Finance,” the event provided a platform for senior policymakers, financiers and investors to network and exchange ideas while addressing a range of issues.

Experts discussed topics such as: “Saudi Arabia’s economy in the context of the global macro 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 Saudi’s banking sector might look like in three years’ time,” and “The development of venture capital in the Kingdom.”

Comprehensive reforms

In his opening remarks, Saudi Finance Minister Mohammed Al-Jadaan said: “Hosting this important event comes in conjunction with continuing to reap more positive results from the comprehensive reforms that our country has witnessed over the past years achieving the objectives of the programs of the Kingdom’s Vision 2030.” 

He noted that “in spite of the several challenges the world has faced over the past few years, the Saudi economy has emerged stronger than ever, as the non-oil economy grew by 5.4 percent in the second quarter of 2022 in real terms compared to the same period in the previous year.”

Capital market

Mohammed ElKuwaiz, chairman of the Capital Market Authority, which is Euromoney Saudi Arabia Conference’s supporting body, said: “Saudi Arabia has emerged from the COVID-19 pandemic with better and more improved performance than most countries. While the world’s economies are witnessing a decline in their economic activity, Saudi Arabia is witnessing major economic growth as projections indicate that the Kingdom’s economy will expand at a rate of 7.6 percent, making it among the top 10 growing economies during 2022. 

“This is a great indication that the Kingdom is on track with its plans, as this swift economic development will enable Saudi Arabia in achieving its vision of being within the 15 largest economies in the world by 2030.”

He said to achieve these ambitious goals, it is necessary to build new sectors, which require intensifying investment rates in the national economy. 

For the first time, we are witnessing the transformation of the Kingdom from an exporter of funds to an importer of funds, the CMA chief added. 

He said the Kingdom has launched various national programs and initiatives to 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.”

Housing projects

Minister of Municipality, Rural Affairs, and Housing Majed Al-Hogail said: “Our main goal is to provide the necessary supply to the market, we intend to tackle such challenge by offering large numbers of new housing projects from government land.”