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SAMA to Host 43rd IFSB Council Meeting

The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.
The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.
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SAMA to Host 43rd IFSB Council Meeting

The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.
The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.

Governor of the Saudi Central Bank (SAMA) and Chairman of the Islamic Financial Services Board (IFSB) Ayman Al-Sayari will chair the 43rd Council meeting of the Board scheduled to take place in Jeddah on December 29.

The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry and the role of the Islamic finance sector in supporting sustainable economic growth and financial inclusion.

Secretary-General of the IFSB Dr. Bello Lawal Danbatta noted: “We eagerly anticipate the positive outcomes from this meeting that will significantly contribute to enhancing governance and results within the IFSB. Our heartfelt appreciation goes to Ayman Al-Sayari for his admirable stewardship as the Chairman of the Council, and to SAMA for their support and dedication, which have led to successful collaborations.”

The IFSB is an international standard-setting body that seeks to promote the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles.

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Despite Global Challenges, Saudi Arabia Continues Economic Diversification Efforts

Riyadh (SPA)
Riyadh (SPA)
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Despite Global Challenges, Saudi Arabia Continues Economic Diversification Efforts

Riyadh (SPA)
Riyadh (SPA)

As global economic challenges intensify—driven by fluctuations in interest rates, trade policies, and geopolitical tensions—Saudi Arabia continues to advance steadily towards diversifying its economy through its Vision 2030.
This ambitious initiative has bolstered key sectors such as tourism, industry, and technology, leading to significant progress, despite the ongoing need for further reforms and investments to ensure sustainability and competitiveness.
In this context, S&P Global upgraded Saudi Arabia's long-term sovereign credit rating from “A” to “A+” in March 2024, citing strong growth in the non-oil sector and the development of local capital markets.
Saudi Arabia’s economy regained momentum in 2024, growing by 1.3%, with a notable surge of 4.4% in the fourth quarter—the highest in the past two years. This growth was primarily driven by a 4.3% increase in non-oil activities.
Saudi Arabia is adopting a multi-pronged approach to achieve economic diversification, as confirmed by former International Monetary Fund official Tim Cullen during a virtual seminar hosted by the Saudi Economic Association.
This strategy includes financial market reforms, the introduction of tourist visas, legal system development, the implementation of VAT, and energy price increases.
Efforts are also underway to enhance infrastructure through investments in airports, ports, railways, metro systems, and digital infrastructure, alongside major government projects like Neom and Qiddiya.
“Large-scale projects play a crucial role in achieving economic diversification. They attract foreign direct investment, enhance competition, improve product quality, and increase corporate profits,” Dr. Abdullah Almeer, Assistant Professor of Economics at King Fahd University of Petroleum and Minerals, told Asharq Al-Awsat.
“These projects also accelerate economic transformation and encourage the private sector to actively participate in production,” he explained.
Almeer noted that this strategy is not new to Saudi Arabia, citing significant government investments in the petrochemical sector during the 1970s and 1980s, which prompted the private sector to enter the field and drive its growth.
Economic diversification involves reducing reliance on a single sector as the main source of income—an essential step for resource-dependent economies like Saudi Arabia, given the volatility of oil prices and the global shift towards alternative energy.
Diversification is typically measured by the spread of exports, production, government revenues, and employment opportunities.