IMF Commends Saudi Reforms within Vision 2030

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji
The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji
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IMF Commends Saudi Reforms within Vision 2030

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji
The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji

Timothy Callen, IMF Mission Chief for Saudi Arabia, lauded the reforms implemented by Saudi authorities within Saudi Vision 2030 from “adjusting fiscal policy to the realities of lower oil prices,” enhancing the business environment and increasing transparency.

Callen also praised the kingdom’s permission for women to drive, noting that it is a great step in the field of encouraging recruiting, productivity and women participation in the labor force.

In a news conference on the outcomes of Article IV Consultations with Saudi Arabia and the issuance of Financial Sector Assessment Program (FSAP), lead researcher Mostafa El-Sayed and Timothy Callen asserted that the Saudi authorities succeeded in adopting reforms that led to the decline of the deficit in a high rate.

Saudi Finance Minister Mohammed al-Jadaan welcomed the report that clarifies the positive impact of economic reforms performed by the kingdom within Saudi Vision 2030.

IMF staff commended Saudi Arabia' efforts to enhance non-oil revenue and welcomed its plan for further energy price reforms. They welcomed recent improvements in the fiscal framework and fiscal transparency, as well as the findings of the Financial System Stability Assessment report that showed banks are well regulated and supervised.

They also mentioned the good progress being made in identifying and removing obstacles to private sector growth, but stressed that increasing the employment of Saudi nationals in the private sector was essential.

According to the report, non-oil growth is projected to pick up to 1.7 percent in 2017. The fiscal deficit is projected to narrow substantially in the coming years. It is expected to decline from 17.2 percent of GDP in 2016 to 9.3 percent of GDP in 2017, and to just under 1 per cent of GDP by 2022.



Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.