RIYADH: Saudi Arabia has become a more attractive destination for investment since the Kingdom introduced its ambitious Vision 2030, according to the head of the Saudi Stock Exchange Sarah Al-Suhaimi.

“Eight years into Vision 2030, (it) has turned Saudi Arabia to a reliable and investible destination; this has been proven by numbers and I think this is just the beginning,” Al-Suhaimi said during the Saudi-US Investment Forum on Tuesday.

It had been made possible under the Kingdom’s leadership and by everyone working in the Saudi capital market to “create a market that is globally integrated, open and trustworthy” — from local and international participants alike, she said.

“Particularly, as we are in the Saudi-US investment forum, I would like to mention a few examples of a very old relationship (between both countries).

“One of them, if we talk about capital market infrastructure, our partnership between Nasdaq — an American stock exchange — goes more than 20 years back. And now we’re working together on upgrading those systems.”

Al-Suhaimi said that the Saudi Stock Exchange, or Tadawul, was among the world’s largest stock exchanges.

“We have a very advanced stock exchange, which also led us to be one of the tenth largest exchanges in the world.”

The same session also hosted Citigroup CEO Jane Fraser, who said it was “quite remarkable what Saudi Arabia has done” in diversifying its economy — whether in tourism, life sciences, gaming and sports, and AI.

“I think it is so wonderful and but also quite remarkable what the Kingdom has done,” Fraser said.

“This is now mutually a beneficial relationship. Now, this isn’t the US coming in saying to Saudi what the advice is and what to do, this is about trying to support a partner, but equally a partner supporting the US back home as well,” she said.

Meanwhile, BlackRock CEO Larry Fink said tens of trillions of dollars of financial firepower is sitting idle in cash amid trade war worries and uncertainty over the United States economy, whose deficits are beginning to spook investors.

“There is 12 trillion euros sitting in bank accounts in Europe. In the United States, there's $11 trillion sitting in money markets funds. When there is uncertainty, you are going to keep more and more money in cash and that is what we witnessed,” Fink told delegates at the Riyadh forum. 

He also praised Saudi Arabia's Vision 2030 economic transformation program, saying the kingdom was building a diversified economy that had potential to become a 21st century global leader.

(with input from Reuters) 

RIYADH: US President Donald Trump’s visit to Saudi Arabia this week is key to global stability and prosperity, the Kingdom’s ambassador to the US wrote in the Washington Times.

Princess Reema bint Bandar highlighted the enduring relationship between Saudi Arabia and the US as the president arrives in the Kingdom on Tuesday, his first state visit during his second stint in the White House.

“It is a moment pivotal for global peace, security and prosperity,” Princess Reema wrote in the Washington Times on May 12. “Today, as the world navigates new challenges and conflicts, that partnership is more critical than ever.”

Princess Reema, who presented her credentials to Trump in 2019 when assuming her role as ambassador, said the two nations’ alliance was “not just history; it is a reimagined future.”

Just before his last visit, Saudi Arabia had embarked on major national reforms, under Saudi Vision 2030, which included widespread economic, cultural and social changes, Princess Reema stated.

She added that nearly eight years after he made the Kingdom his first state visit, Trump would “step off Air Force One to find the Vision becoming a reality.”

“As we proudly open our doors to Mr. Trump and his delegation, we look to highlight the tremendous journey our nation has undertaken and the new heights our relationship with the U.S. has reached, now including sectors such as manufacturing, technology, cybersecurity and even space exploration.”

She highlighted the progress the Kingdom has made including the non-oil economy now contributing 50 percent to the country’s real gross domestic product, “marking a historic milestone.”

In addition, Saudi women make up nearly 40 percent of the nation’s workforce, “with many in leadership positions, enjoying the same rights as men, including equal pay.

“Young Saudis are experiencing a renaissance in arts, entertainment, sports and science, all while preserving our proud cultural heritage. This is a new Saudi Arabia, open to the world, and we invite Americans to look more closely.”

A key gathering on Tuesday is the Saudi-US Investment Forum, an invitation-only event at Riyadh’s Ritz-Carlton hotel.

It has been reported that business leaders including Elon Musk, Mark Zuckerberg and Larry Fink will attend.

Arab News’ sources reveal that about 15 Saudi ministers and top-level officials will be present, as well as the CEOs of some of the Kingdom’s biggest companies and giga-projects, in addition to hundreds of business leaders from both countries.

Princess Reema stated: “The Saudi Arabia that Mr. Trump will visit is investing billions of dollars in fostering new economic sectors such as tourism, artificial intelligence, clean energy, culture and sports.

“It is a dynamic society where youths are pioneering the future and women are at the forefront of the Vision,” the ambassador stated.

Princess Reema added that sustainable partnership begins with reciprocity, as outlined by Crown Prince Mohammed bin Salman.

“The crown prince’s pledge of investing $600 billion in the United States over the next four years promises mutual prosperity that aligns with our diversification goals under Vision 2030 and Mr. Trump’s goals for economic growth.”

At the World Economic Forum in Davos in January, Trump hinted at even greater ambitions. He said he would ask the crown prince to raise the investment target to $1 trillion, describing it as a natural extension of a robust and trusted partnership.

Saudi Arabia’s Economy Minister Faisal Alibrahim confirmed at the forum that the $600 billion pledge encompassed both government-led procurement and private-sector investment in key areas including defense, energy, infrastructure and technology.

In 2017, the countries signed several investment agreements worth about $400 billion.

The crown prince said in 2018 that part of the “armaments will be manufactured in Saudi Arabia, so it will create jobs in America and Saudi Arabia, good trade, good benefits for both countries and also good economic growth. Plus, it will help our security”.

Princess Reema stated that the two nations’ collaboration has been important for dealing with global crises.

Amid an increasingly volatile geopolitical landscape, leadership and alliances are more vital than ever, she wrote.

“Almost every major global challenge is being addressed with urgency through collaboration and a strong Saudi-U.S. alliance.

“From conflicts in Ukraine and the Gaza Strip to stability in Syria and Sudan, Saudi Arabia is playing a critical role in addressing the world’s most pressing challenges.

“Partnership with the United States is essential to success.”