Saudi Fund for Development chief participates in OPEC forum, meets several officials

The Saudi financial sector will increase bond offerings, the investment minister reveals at a London forum

RIYADH: Bond offerings in Saudi Arabia will expand with increased activity, according to the investment minister, pointing to significant opportunities for growth in the kingdom’s financial sector.

On the sidelines of the UK-Saudi Sustainable Infrastructure Summit held in London on June 24, Khalid Al-Falih noted that despite substantial and rapid growth in business opportunities in the kingdom, some aspects of the financial sector are not fully advanced, the Independent reported. Arabia.

“Given the magnitude of the acceleration of growth and its scope in business opportunities in Saudi Arabia, some aspects related to the financial sector have not yet fully developed, especially in terms of the level of penetration and trading of issued bonds. Bond offerings in Saudi Arabia should see growth through increased activity. There are significant opportunities for growth in Saudi Arabia,” said Al-Falih.

The Minister emphasized that sustainable energy sources are a key sector for significant growth in the Kingdom, making the nation a global leader in competitive solutions and contributing to global economic growth.

Saudi Arabia’s ambassador to the UK, Prince Khalid bin Bandar, said the relationship between Riyadh and London had “strengthened over time and will continue to strengthen,” Independent Arabia reported.

He added: “Our mission is to ensure that people living in Saudi Arabia, regardless of what is happening there today, continue to receive these opportunities.”

The Ambassador further highlighted the expansive growth potential in all sectors in the Kingdom and highlighted upcoming presentations on promising opportunities in the country.

“For example, if you look at the country’s renewable energy capacity, it was very limited before the 2030 plan was launched, and today we are doubling what we can offer year after year. By 2030, our goal is to have 50 percent of our energy sources be renewable, produced by clean energy,” Bandar said.

He continued: “This is just the beginning and we’re going to continue this in every area you can imagine, whether it’s this topic or another. I think that makes it easy for our mission to know that there is always room for growth.”

According to Independent Arabia, the ambassador went on to explain his view of investment opportunities in Saudi Arabia, saying that he learned the dangers of “missing the boat” from his days in the private sector.

He continued: “I am saying that the promising investment opportunities in Saudi Arabia are making the ships flow and getting bigger every day and more ports are opening their arms. Yes, there are promising opportunities in Saudi Arabia. Some people may say, ‘I can miss this ship and get on the next one,’ and I say, ‘Why should you miss this ship?’ There are great opportunities in Saudi Arabia.”

He spoke of a bright future for many industries in the country, pointing out that they are currently expanding, especially in the financial sector.

“You can talk about these opportunities or go to Saudi Arabia to explore them,” he told a group of investors, Independent Arabia reported.

Nadhmi Al-Nasr, CEO of Saudi Arabia’s $500 billion NEOM giga-project, said the kingdom wants to strengthen its infrastructure-focused alliances with Britain.

Al-Nasr said that NEOM is currently the largest sustainable region in the world and highlighted bold plans and goals to become carbon neutral by 2030. He mentioned that NEOM will cover 26,500 km2, which is the same area as Belgium.

“The UK has some of the most innovative green technology companies using the circular economy and green, sustainable solutions. We look forward to integrating new and existing partnerships with our UK funding and see that there are some great opportunities for both countries on the rise,” Al-Nasr said, as reported by Independent Arabia.

In addition, the Mayor of the City of London, Professor Alderman Michael Mainelli, said that “Vision 2030” represents the fundamental strategy for economic and social transformation in Saudi Arabia.

“I heard about 14 major projects that are amazing, futuristic and inspiring, along with an $800 billion plan of major infrastructure initiatives to double the size of the city of Riyadh over the next decade,” Mainelli said.

He emphasized that “these huge projects will support the big events we will hear about, like Saudi Arabia hosting Expo 2030 and the 23rd and 24th basketball world championships, and ski vacations in the Miami Valley.”

Mainelli continued: “These diverse events will play a significant role in the future, all linked to the ambition to build modern, smart and sustainable cities, as evidenced by Saudi Arabia’s adoption of new technologies such as hydrogen and artificial intelligence. “

The Mayor of London added that artificial intelligence and other technologies will drive Saudi Arabia towards net zero and wider climate goals.

Leave a Comment