Ministers of Finance, Housing, Economy and Planning; and Secretary General of Supreme Economic Council Present Keynote Addressesat Opening of 9th Euromoney Saudi Arabia Conference
Jamie Dimon: “The number of global companies doing more than USD1 billion in annual turnover will double very quickly. It will triple inthe GCC”
Riyadh, Kingdom of Saudi Arabia: The leadership of the Kingdom of Saudi Arabia is focused upon ensuring sustainable economic growth, and has already secured significant achievements, senior government officials told a global audience at The Euromoney Saudi Arabia Conference’s opening day today.
The 9th Euromoney Saudi Arabia Conference saw an all-time record number of pre-registered delegates, and the international audience received important insight into the on-going growth and development of the Arab world’s largest economy.
In the opening session, the Ministers of Finance, Housing, Economy and Planning; along with the Secretary General of the Saudi Supreme Economic Council outlined some of the major steps the country has taken, as well as outlining future strategies.
H.E. Dr Ibrahim Al-Assaf, Minister of Finance, said: “We are targeting key areas of the economy to drive economic growth. Transport and mining projects, along with a sustained focus upon job training and development for Saudi nationals, will form the foundation of our economic growth in 2014.”
H.E. Dr Muhammad Al-Jasser, Minister of Economy and Planning, said: “While oil and gas will remain a key part of our national economy, we are also heavily promoting economic diversification to promote job creation and unlock the potential of Saudi citizens, especially the youth, who will drive the knowledge-based economy. We have a five-year plan with higher education institutions to promote research and development growth.”
Budgeted government expenditure reached a record SAR 855 billion in 2014, driving non-oil exports that reached a record SAR 206 billion in 2013.
In addition, investment in housing has also played a key economic role.In response toprojections that show the Kingdom’s population set to increase from 27.4 million in 2010 to 38.5 million in 2030, the Kingdom is making steady progress on its SAR 250 billion plan to construct 500,000 houses for Saudi nationals, according to comments made at the Conference.
H.E. Dr Shwaish Al-Dowaihy, Minister of Housing, said: “The housing sector can be enhanced by increased lending from the private sector, and we are seeing progress in this area. The Kingdom’s housing programme offers the most advanced electronic system for payment services, and I wish to thank the Saudi Arabian Monetary Agency for their support in this area.”
Diversifying the economy is a key priority for the Kingdom of Saudi Arabia.
H.E. Mr Majid Al-Moneef, Secretary General of the Saudi Supreme Economic Council, said: “The Kingdom is committed to improving the knowledge-based economy, and driving innovation. New processes will bring new added-value to our society, and enhancing the nation’s global competitiveness.”
According to figures released at The Euromoney Saudi Arabia Conference, some 45 percent of patents in the Arab world now come from Saudi Arabia.
One of the Kingdom’s most prominent economic diversification projects is the Saudi Arabian General Investment Authority (SAGIA)’s construction of four Economic Cities, set to generate US$ 150 billion in GDP and create 1.3 million jobs by 2020.
In another key session, Jamie Dimon, Chairman and CEO of JPMorgan & Chase Co., discussed regulation, the global banking landscape and the importance of competition.
Dimon outlined some of the challenges facing different nations in the globalised economy, but expressed optimism about the resilience and potential for future growth of the world economy: “The number of global companies doing more than USD1 billion in annual turnover will double very quickly and it will triple in the GCC” he affirmed.
Co-hosted with the Saudi Ministry of Finance, the 9th Euromoney Saudi Arabia Conference, under the theme of “Innovation, Competition, and the Changing Dynamics of Globalisation”, runs at Riyadh’s Al Faisaliah Hotel from 6-7 May 2014.