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IMF, Gulf to Convene Wednesday in Riyadh - ASHARQ AL-AWSAT English Archive
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Riyadh- The Gulf ministers of finance and governors of central banks will convene with the International Monetary Fund (IMF) Chief in Riyadh Wednesday evening to discuss latest developments in the international economy and the effect on the region.

This step will boost the Gulf positive movements towards diversifying the economy and reducing dependency on oil.

Ashraf AlMezel, Asset Management Head at Aloula Geojit Capital Co, ensured that Saudi bonds will grant investors a number of features, pointing out that public bonds have reinforced the domestic economy credibility and this enhances the Saudi economy chances to achieve sustainable growth levels in the upcoming period.

On another hand, the Riyadh Chamber of Commerce and Industry organized on Tuesday a workshop on the bonds and their effect on the Saudi economy. “The workshop highlighted the definition of bonds, their types, features, a comparison between companies and public bonds and the credential rating of Saudi Arabia and its effect on issued bonds,” said Mohammad al-Sayer, member of Securities & Investment Committee, at the chamber.

The Saudi bonds to be issued in the international markets are stepping towards a new success –Economic given forecasts that the bonds will attract high demand, amidst an increase of international confidence averages in the current financial condition in Saudi Arabia.

The huge demand on public bonds is an indicator of the strong economic condition of bonds issuing countries. International demand on public bonds reached USD67 billion worth USD17.5 billion. This means that the demand exceeded supply 382%.

These figures reflect the Saudi credibility around the world and its attraction to overseas investments in Saudi public bonds, amidst international indicators forecasting a growth in the economy during 2017.