One year on from its launch, the Kingdom of Saudi Arabia’s Vision 2030 is already shaping up to be one of the most ambitious economic and social transformation programmes in the region’s history, according to experts attending the 12th Euromoney Saudi Arabia Conference in Riyadh today.
More than 1,600 pre-registered delegates attended the first day of the conference, which saw major presentations and interviews with senior ministers from the Kingdom, including H.E. Mr Mohammed Al-Jadaan, Minister of Finance, and CEOs and executives from some of the world’s largest banks.
In his opening comments, His Excellency Mohammed Al-Jadaan outlined the scale of the projects already in process as part of the National Transformation Program (NTP) 2020 and Vision 2030 strategy, and the ambitious goals being pursued.
The Kingdom’s programme aims to raise the private sector's contribution from 40 percent to 65 percent of GDP, elevate the nation into the top 10 countries on the Global Competitiveness Index, increase foreign direct investment from 3.8 percent of 5.7 percent of GDP, and increase women’s participation in the workforce to 30 percent.
His Excellency Mohammed Al-Jadaan said: “In support of Vision 2030, the Government's fiscal policies are enhancing financial stability and promoting economic growth across Saudi Arabia. By undertaking structural reforms, the Ministry of Finance aims to strengthen the fiscal framework, diversify revenue sources, support non-oil sector growth and achieve the highest levels of transparency, as we aim to create a stronger and more stable economy.”
Senior executives from Saudi Arabia’s financial sector also took part in on-stage interviews, with H.E. Mr Mohamed El-Kuwaiz, Vice Chairman, Capital Market Authority and Khalid Abdullah Al Hussan, Chief Executive Officer, Saudi Stock Exchange (Tadawul) both commenting on the impact of Vision 2030 to date, and the long-term plans in place to encourage greater national and international investment.
H.E. Dr Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Agency, was interviewed on the Kingdom’s current monetary policy, and its long-term plans to deliver stability and support national goals.
Also representing the Kingdom on the first day of the Conference were Yousef Abdullah Al-Benyan, Vice Chairman and Chief Executive Officer, SABIC and Yasir Faisal Al-Sharif, Chief Executive Officer, Jabal Omar Development Company.
Providing international commentary were senior bankers, Daniel Pinto, Chief Executive Officer – Corporate and Investment Bank, J.P. Morgan and Matthieu Duncan, Chief Executive Officer, Natixis Asset Management.
Other sessions on the first day included panel discussions on the current position of the Saudi Economy, debt capital markets and financial technology sector.
Day Two of the Conference will see a special focus on the housing and real estate sector, opening with a keynote address by H.E. Mr Majed bin Abdullah Al-Hogail, Minister of Housing, Kingdom of Saudi Arabia.
The largest financial conference of its kind in the Kingdom, The Euromoney Saudi Arabia Conference continues to drive economic debate and essential insight for investors, banks and private equity groups around the world.