Riyadh- Ministers of Finance, Commerce, and Labor in Saudi Arabia will discuss at the Saudi Euromoney Conference 2016, which will be held on Tuesday in Riyadh, their plans within the framework of the Saudi 2030 Vision, methods of diversifying the economy along with reform procedures concerning various sectors.
They will also discuss amendments to the residence regulations and legislation, issues related to the Saudi stock and finance market, international investment and asset management opportunities in the coming period.
The Director of Saudi Euromoney Conference 2016, Mohammed Kharboush, told Asharq Al-Awsat that the conference comes at a time when the Kingdom is witnessing global significant attention regarding its important reform steps, which were recently unveiled by the Saudi 2030 Vision that was announced in April. He said this year’s round enjoys special significance.
“The conference also sheds light on the latest developments and economic updates in Saudi Arabia,” said Kharboush.
Kharboush also explained that major financial institutions are closely following the “National Transformation Plan,” which details the government’s plans to enhance efficiency, boost economic growth, expand the private sector and generate jobs and opportunities for young people.
He expected the plan to have significant impact locally and internationally, pointing out that it would attract influential figures to the conference.
Regarding major subjects that will be tackled by the conference, Mohammed Kharboush, explained that there is a group of leading figures in Saudi Arabia including Dr. Ibrahim Al-Assaf, Minister of Finance; Dr. Tawfig Al-Rabeea, Minister of Commerce and Industry, and Dr. Moufarrej Saad Al-Haqbani, Minister of Labor. The figures will discuss work plans that will be implemented by their ministries within the framework of Saudi 2030 Vision.
In addition, the Euromoney Conference Director said that economic diversification plans would include reform procedures related to renewable energy, tourism, industry and military sectors.
“The conference will not be limited to the Saudi Vision as it will discuss amendments to the residence regulations and legislation, subjects related to Saudi stock and finance market, international investment atmosphere and assets’ management opportunities in the coming period,” Kharboush added.
The theme of the conference this year is “Delivering Reform: Maintaining Growth.”
According to the organizers, key speakers at this year’s event include Mark Mobius, one of the earliest and successful emerging market icons.
Mobius will take part in a special interview live on stage on the second day of the conference. He will be giving his valuable and experienced views on investments in the Kingdom. He will also comment on the state of the global emerging markets, as the global financial landscape poses many challenges.
Concerning the current Saudi economic situation in terms of development and challenges facing it, Kharboush stressed that continuous drop in energy prices since 2015 up until today represents a major obstacle to the Kingdom’s economy which depends mainly on oil.
He added that the budget of the year 2016 was approved with an $87 billion deficit, noting that in this situation oil represented 73 percent of the total revenues in 2015.
Mohammed Kharboush suggested that Saudi Arabia needs to create more job opportunities, build affordable residences, support a number of infrastructure projects in addition to public works projects, which require capital investments.