From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
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From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)

The Saudi Stock Exchange (Tadawul) took its first step toward the world, starting from London, with the launching of the EFG Hermes Saudi Forum on Monday, under the theme, “Looking for Sustainable Growth.”

Participants, including investors, businessmen and stakeholders, gathered on Monday at the Rosewood Hotel in central London, to discuss the investment climate, the available opportunities, and the promising investment components that are unique to the Saudi economy.

The conference, which concludes on Tuesday, is organized by EFG Hermes, in cooperation with the Saudi Tadawul, in the presence of 375 guests, including representatives from more than 50 Saudi companies from various vital sectors, the Saudi Capital Market Authority, and the Public Investment Fund, in addition to 200 investors from more than 120 international financial institutions, and a group of the most prominent fund managers around the world.

Among the guests are the Chairman of the Board of Directors of the Saudi Capital Market Authority, Mohammed bin Abdullah Al-Kuwaiz, the CEO of Saudi Tadawul, Mohammed Al-Rumaih, the CEO of EFG Holding Group, Karim Awad, the co-CEO of EFG Hermes, Mohammed Ebeid, and the CEO For EFG Hermes in Saudi Arabia, Saud Altassan.

Al-Kuwaiz and Al-Rumaih spoke in two successive sessions about the importance of the Saudi financial market and the developments it has achieved at all levels.

The speakers stressed that Saudi Arabia had one of the largest emerging markets in terms of market capitalization, as its market value exceeded $3 trillion in September 2023.

They added that the Saudi financial market has attracted increasing foreign inflows since its inclusion in the main global indices, such as the MSCI Emerging Markets Index during 2019, and the FTSE Russell Emerging Markets Index during 2018.

For his part, Ebeid explained that the conference serves as a platform to showcase investment opportunities in the Saudi market, which is supported by the diversity of economic sectors, as well as the transformation initiatives launched by the government within the framework of Vision 2030.

The conference offers a unique opportunity to strengthen ties and provide a direct link between companies listed on the Saudi market and investors in emerging markets, which reflects the major role that EFG Hermes plays in supporting economic growth in the Kingdom and developing the capital market, he added.



Saudi Minister of Economy: Accelerating Economic Diversification Is Priority of Vision 2030

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
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Saudi Minister of Economy: Accelerating Economic Diversification Is Priority of Vision 2030

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim said the Kingdom has reached the halfway point in its journey towards Vision 2030, reported the Saudi Press Agency on Tuesday.

He made his remarks at a panel discussion at the World Economic Forum's Annual Meeting of the New Champions (AMNC24) in Dalian, China.

The minister discussed the rapid growth of non-oil activities since implementing the Kingdom's Vision 2030.

The minister said: "The Kingdom achieved an economic growth rate of 8.7% in 2022, with non-oil activities contributing 5.6%. Non-oil activities account for 51% of the real gross domestic product, surpassing the oil economy.”

“The Kingdom has reached the halfway point in its journey towards Vision 2030 and will continue to prioritize economic diversification and human capital development,” he stressed.

Furthermore, he highlighted the Kingdom's role in energy security and climate action, stating that it is a major producer of clean hydrocarbon energy and has made significant strides in renewable energy, including green hydrogen, solar, and wind energy.

The minister emphasized the need for a comprehensive and integrated approach to address global economic challenges and stressed the importance of international cooperation, innovation, and comprehensive solutions.