RIYADH: The International Monetary Fund (IMF) has inaugurated its maiden regional office in Riyadh, the capital of Saudi Arabia, marking a significant milestone as the first such office in the Middle East.
Coinciding with this opening was a conference titled “Industrial Policies to Foster Economic Diversification,” held in partnership with the Saudi Ministry of Finance.
Faisal Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning, emphasized the far-reaching impact of “Vision 2030” on the nation’s legislative and political landscape.
He highlighted flagship initiatives like NEOM and the Red Sea project as emblematic of Saudi Arabia’s commitment to broadening its economic base beyond oil.
Minister Faisal Al-Ibrahim stressed that the Ministry of Economy and Planning has conducted comprehensive sectoral analyses to maximize opportunities, emphasizing the necessity of a diversified investment strategy for sustainable economic growth in Saudi Arabia.
The conference aims to equip regional countries with the necessary tools to implement policies conducive to sustained and diversified economic development, drawing insights from global best practices.
Over the course of the two-day event, discussions will center on formulating industrial policies aimed at ensuring lasting prosperity across the region.
