The 11th Euromoney Conference was held last week, , which lasted for two days, with the participation of a number of Their Excellencies ministers, officials and economists, a group of national and international economists and experts and more than 1600 representatives from various companies and institutions in the financial and banking sector, in the Prince Sultan Hall in Al-Faisaliah Hotel in Riyadh. The conference discussions centered on the prospects of the ambitious «Saudi Vision 2030» and its local and regional implications.

Local and international developments

In his speech during the opening of the conference, Minister of Finance Dr. Ibrahim Al-Assaf stressed that the global economy during the eleven years that have passed since the launch of this conference in 2005, and comparing the international and local economic conditions then with the conditions we live in now, witnessed many unprecedented developments that had a clear impact on the overall economic conditions in many countries of the world, explaining that the Kingdom faced the global financial crisis and its consequences and overcame it with strong economic fundamentals that enabled it to achieve a relatively high growth rate that averaged more than 4 percent, which is one of the best performing countries among GCC countries.

Kingdom Vision

The Minister of Finance pointed out that everyone followed with interest the launch of the "Saudi Vision 2030", which was approved by the Council of Ministers in its session held last week under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - emphasizing that this conference represents an opportunity to discuss this vision in a comprehensive manner. He stressed that this conference is an opportunity to discuss this vision in its various aspects, stressing that this vision, which includes economic and social dimensions and aims to maximize the use of the Kingdom's geographical, cultural, social, demographic and economic components, will contribute to a comprehensive economic transformation and diversification.

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Stimulating and developing regulations

Minister of Commerce and Industry Dr. Tawfiq Al-Rabiah said that one of the roles of the Ministry of Commerce and Industry in the Kingdom's future vision is to stimulate the private sector, develop systems and procedures, facilitate procedures and work to stimulate and regulate the sector, explaining that the ministry will work on a comprehensive development of commercial and industrial systems, "We want to be a facilitator for the private sector, we want to be an obstacle, and we aim to have all our procedures electronic."

His Excellency added: The Companies Law is a big dream, as the preparation and discussion of the system spent about 17 years, and the situation in the past was marred by overlapping competencies with the Capital Market Authority, stressing that the ministry is working to reformulate the current systems and create new systems to be in harmony with the latest international systems.

He added.

Al-Rabiah disclosed the ministry's endeavors to create a smart system specialized in analyzing financial results to know the future of results to contribute to the development of the Saudi economy.

Private Sector Contributions

In a press statement on the sidelines of the conference, H.E. Dr. Mafraj Al-Haqbani, Minister of Labor, stressed that the most important premise of the ministry's future is to increase the Saudi labor component and its contributions in the private sector while ensuring that this increase comes in the right direction, i.e. solving the issue of occupational exposure, and said that we will work to increase the number of Saudi workers to more than one million citizens during Vision 2030.

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He added: This vision obliged the authorities to define their goals and programs according to performance measurement programs and targets, and the work system in the General Organization for Vocational and Technical Training, the General Organization for Social Insurance, the Human Resources Development Fund and the Ministry of Labor all set their goals that achieve reform of the labor market.

He added: This vision obliged the authorities to define their goals and programs according to performance measurement programs and targets.

1600 national and international experts

The conference witnessed the participation of more than 1600 representatives from various companies and organizations in the financial and banking sector, as well as international experts who discussed the potential impact and new economic plans. Participants included leading figures from the Saudi business sector and representatives from some of the world's largest banks.

Participants included a range of prominent leaders in the Saudi business sector.

Speaking at the conference were leading figures on the prospects of the ambitious Saudi Vision 2030 and its local and regional implications, including Christopher Garnett, Director at Euromoney Institutional Investor Group Ltd. and moderator of the conference's opening panel discussion: "Saudi Arabia has unveiled a bold and ambitious economic plan that clearly aims to diversify the economy, increase liquidity in the capital markets, and enhance the role of the debt market. "We are very pleased to host a range of senior speakers at Euromoney Saudi Arabia, who have provided holistic perspectives on the plans and opportunities for the future."

The event featured a discussion with Mr. Mohammed Al-Jadaan, Chairman of the Saudi Capital Market Authority, and a panel discussion on securities and markets, featuring Khalid Al-Hassan, CEO of the Saudi Stock Exchange (Tadawul) and a group of national and international economists.