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Saudi Minister of Industry Briefed on Latest Financial Technologies at New York Stock Exchange

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
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Saudi Minister of Industry Briefed on Latest Financial Technologies at New York Stock Exchange

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited the New York Stock Exchange (NYSE) on Tuesday.

He was briefed on its latest electronic systems for evaluating companies and sectors, learned about the exchange's history, trading mechanisms, and purchasing processes, and the best practices adopted to enhance efficiency and competitiveness.

Established in 1792, the New York Stock Exchange represents one of the largest exchanges globally, with a market capitalization exceeding $30 trillion. Traders can buy and sell shares of listed companies through an auction-based system facilitated by securities brokers on behalf of clients.

The exchange is renowned for its stringent listing requirements and transparency, offering high levels of investor protection. Operating primarily in the United States, it also has offices in Asia, the Middle East, and Europe.

Furthermore, during his visit to New York, Minister Alkhorayef welcomed industry ministers and leaders of industrial transformation from around the world during an event organized by Saudi Arabia in partnership with the United Nations Industrial Development Organization (UNIDO).

The event served as a precursor to hosting the 21st General Conference of the organization in Riyadh in 2025, as well as the Multi-Party Industrial Policy Forum (MIPF) 2024.

Alkhorayef invited global industry leaders to participate in these events, offering an opportunity to develop innovative industrial solutions and policies that support regional and global industrial development.

Alkhorayef’s official visit to the United States, which will continue until September 28, aims to boost industrial and mining cooperation, strengthen bilateral ties between the two countries, attract quality investments to the Kingdom, and explore investment opportunities in promising sectors, notably aviation and aerospace.

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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)

Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund (IMF) program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, IMF Pakistan Mission Chief Nathan Porter said on Thursday.

Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.

The IMF's Executive Board on Wednesday approved a new $7 billion loan for cash-strapped Pakistan, more than two months after the two sides said they had reached an agreement.

The loan — which Islamabad will receive in installments over 37 months — is aimed at boosting Pakistan's ailing economy.

“I won't go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” Porter told reporters on a conference call.

The global lender said its immediate disbursement will be about $1 billion.

In a statement issued Thursday, the IMF praised Pakistan for taking key steps to restore economic stability. Growth has rebounded, inflation has fallen to single digits, and a calm foreign exchange market have allowed the rebuilding of reserve buffers.

But it also criticized authorities. The IMF warned that, despite the progress, Pakistan’s vulnerabilities and structural challenges remained formidable.

It said a difficult business environment, weak governance, and an outsized role of the state hindered investment, while the tax base remained too narrow.

“Spending on health and education has been insufficient to tackle persistent poverty, and inadequate infrastructure investment has limited economic potential and left Pakistan vulnerable to the impact of climate change,” it warned.

Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June.

Sharif, on the sidelines of the United Nations General Assembly, told Pakistani media that the country had fulfilled all of the lender’s conditions, with help from China and Saudi Arabia.

“Without their support, this would not have been possible,” he said, without elaborating on what assistance Beijing and Riyadh had provided to get the deal over the line.

The Pakistani government has vowed to increase its tax intake, in line with IMF requirements, despite protests in recent months by retailers and some opposition parties over the new tax scheme and high electricity rates.

Pakistan for decades has been relying on IMF loans to meet its economic needs.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

Inflation has since tempered, and credit ratings agency Moody’s has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to “Caa2” from “Caa3”, citing improving macroeconomic conditions and moderately better government liquidity and external positions.