PIF Executive: Saudi Women Are Partners in the Kingdom’s Development

A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
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PIF Executive: Saudi Women Are Partners in the Kingdom’s Development

A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)

Shihana Alazzaz is one of the most prominent Saudi female figures. Today, she occupies a remarkable position in one of the most vital sectors in the country, as the General Legal Counsel and Secretary General of the Board of Directors of the Public Investment Fund (PIF).

In an interview with Asharq Al-Awsat, Alazzaz talked about women’s empowerment in Saudi Arabia and the qualitative shift brought about by the Kingdom’s Vision 2030.

“Today, the Saudi woman is walking at a steady pace and firm determination behind the Custodian of the Two Holy Mosques, an inspiring Crown Prince and an ambitious vision, after overcoming the challenges of the past, with the acceleration of the development of laws and procedures that guarantee her rights and ensure her participation in both economic and societal progress,” she said.

She encouraged Saudi women to actively engage in the development of their country.

“We must continue the march and work with determination without any delay or retreat, to seize the opportunities and enter the labor market with competence, pioneering spirit and open-mindedness that accepts competition and risk,” she underlined.

Asked about the achievements of Saudi female leaders, Alazzaz stressed that societies flourish with the effectiveness of their members, women and men.

“Undoubtedly, the success of women is positively reflected on the family and the entire community, and is considered one of the foundations for advancement and prosperity. Human civilizations, throughout history, have witnessed the positive and inevitable role of women,” she affirmed.

Underlining the importance of Saudi women’s engagement in the Kingdom’s march towards achieving Vision 2030, Alazzaz called on female leaders and entrepreneurs to consolidate their successes and aim for broader horizons.

“Let us imagine what our societies can achieve by stimulating other aspects of women’s engagement in the labor market, economy, entrepreneurship, science, education and research, in addition to their participation in decision-making, drawing strategies, setting policies, strengthening international relations and diplomacy, and other contributions in which women can have a leadership, effective and positive role,” she stated.

According to the PIF secretary-general, the successes of Saudi women in some areas have surpassed their counterparts from all over the world. She emphasized that their names have emerged in the fields of medicine, engineering, literature and others, adding that some of them have received international patents, awards and certificates of appreciation.

Alazzaz told Asharq Al-Awsat that the qualitative shift brought about by Vision 2030 was based on an important strategic principle: “The human being is the change maker in economic and social development. Accordingly, the vision adopted fundamental principles for empowering women socially and economically, making them an efficient partner in the development of the homeland.”

Asked about her role in PIF, she said: “My work in the Public Investment Fund is a professional and patriotic duty in the first place, and a proof of the confidence of our leaders in the national women cadres and the availability of opportunities based on competence without discrimination.”

“We always strive to achieve more, fulfill the aspirations of our leaders, and efficiently cooperate with every colleague and official,” Alazzaz concluded.



IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.


Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.