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Riyadh to Host the 42nd FIABCI Global Leadership Summit in December

Riyadh will host the 42nd FIABCI Global Leadership Summit in December.
Riyadh will host the 42nd FIABCI Global Leadership Summit in December.
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Riyadh to Host the 42nd FIABCI Global Leadership Summit in December

Riyadh will host the 42nd FIABCI Global Leadership Summit in December.
Riyadh will host the 42nd FIABCI Global Leadership Summit in December.

Riyadh is preparing to host the 42nd FIABCI Global Leadership Summit in December to discuss the latest developments in the domestic and international real estate sector.

The summit is slated to bring together a large group of real estate leaders and decision-makers who will share knowledge, best practices, outcome of research and development, and aspects of industry development.

The summit, held with the support and sponsorship of the Real Estate General Authority, will be held amid wide-scale movement in the sector, both locally and globally.

Bringing together a select group of real estate developers, investors and members of the International Real Estate Federation (FIABCI), the summit will also be an opportunity to highlight the pioneering role of the Kingdom in the real estate sector.

Moreover, it will feature major achievements made by the real estate and housing sector in the Kingdom, both in terms of relevant legislation and of major technological and digital developments, which have contributed to regulating the real estate sector and attracting local and international considerable real estate investment.

Real Estate General Authority CEO Eng. Abdullah bin Saud Al-Hammad said the summit this year will be an important platform to share the Kingdom's experience in the real estate sector and highlight its achievements, especially in regards to legislation, in line with the applicable objectives set out in Vision 2030.

The 42nd FIABCI Global Leadership Summit is expected to draw a large number of local and international real estate leaders, developers and investors, in addition to FIABCI members and keynote speakers from more than 110 countries who will take part in discussions and specialized workshops.

Discussions will tackle, among others, efforts to develop the real estate sector in international and regional markets.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.