26 Jun 2024
RIYADH: Bond offerings in Saudi Arabia are set to expand with increased activity, highlighting significant growth opportunities in the Kingdom’s financial sector, according to the investment minister.
On the sidelines of the UK-Saudi Sustainable Infrastructure Summit in London on June 24, Khalid Al-Falih noted that despite the substantial and rapid growth in business opportunities in the Kingdom, certain aspects of the financial sector have not progressed fully, reported the Independent Arabia.
“Considering the size of the growth acceleration and its scope in business opportunities in Saudi Arabia, some aspects related to the financial sector have not fully evolved yet, especially in terms of penetration levels and trading of issued bonds. Bond offerings in Saudi Arabia should witness growth through increased activity. There are significant growth opportunities available in Saudi Arabia,” Al-Falih stated.
The minister emphasized that sustainable energy sources are a pivotal sector set for significant growth in the Kingdom, positioning the nation as a worldwide leader in competitive solutions, contributing to global economic growth.
Saudi Ambassador to the UK Prince Khalid bin Bandar said the relationship between Riyadh and London has “grown stronger over time and will continue to strengthen,” reported the Independent Arabia.
He added: “Our mission is to ensure that people living in Saudi Arabia, regardless of what is happening there today, continue to receive those opportunities.”
The ambassador further highlighted the expansive growth potential across all industries in the Kingdom, highlighting upcoming presentations about promising opportunities in the country.
“For example, if you look at the country's capacity for renewable energy, before launching the 2030 plan, it was very limited, and today we are doubling what we can offer year after year. By 2030, our goal is for 50 percent of our energy sources to be renewable, produced by clean energy,” Bandar said.
He continued: “This is just the beginning, and we will continue to do so in every area you can imagine, whether it's this topic or another. I think it makes our mission easy to know that there is always room for growth.”
According to the Independent Arabia, the ambassador further explained his perspective on investment opportunities in Saudi Arabia, saying that he learned from his days in the private sector the danger of being the one to “miss the boat.”
He continued: “I say that the promising investment opportunities in Saudi Arabia are making the boats flow, and they are getting bigger every day, and more ports are opening their arms. Yes, there are promising opportunities in Saudi Arabia. Some people might say ‘I can miss this boat and get on the next one,’ and I say ‘Why should you miss this boat?’ There are great opportunities in Saudi Arabia.”
He discussed the bright future ahead for the nation’s many industries, pointing out that they are now expanding, particularly in the financial sector.
“You can talk about these opportunities or go explore them in Saudi Arabia,” he said to the group of investors, reported the Independent Arabia.
Nadhmi Al-Nasr, CEO of Saudi Arabia’s $500-billion giga-project NEOM, said that the Kingdom is eager to strengthen its infrastructure-focused alliances with Britain.
Al-Nasr stated that NEOM is currently the largest sustainable region in the world and highlighted bold plans and objectives to become carbon neutral by 2030. He mentioned that NEOM will encompass 26,500 sq. km, which is the same area as Belgium.
“The United Kingdom has some of the most innovative green technology companies that embrace the circular economy and green, sustainable solutions. We look forward to integrating new and existing partnerships with our British funding, and we see that there are several great opportunities for both countries on the rise,” Al-Nasr said, as reported by the Independent Arabia.
Furthermore, the Lord Mayor of the City of London, Alderman Professor Michael Mainelli, said that “Vision 2030” represents a foundational strategy for economic and social transformation in Saudi Arabia.
“I have heard about 14 major projects, which are amazing, futuristic, and inspiring projects, along with a plan for important infrastructure initiatives worth $800 billion to double the size of Riyadh city over the next decade,” Mainelli said.
He underscored that “these giant projects will support major events that we will hear about, such as Saudi Arabia hosting Expo 2030 and the 23rd and 24th World Basketball Championships, and Miami Valley skiing holidays.”
Mainelli continued: “These diverse events will play a prominent role in the future, all of which are related to the ambition of building modern, reasonable, and sustainable cities, as evident from Saudi Arabia's embrace of new technologies such as hydrogen and artificial intelligence.”
The Lord Mayor of the City of London added that artificial intelligence and other technologies will propel Saudi Arabia toward net zero and broader climate goals.