|Jeddah: Wed, 04 May 2011|
The need for Saudi Arabia to move away from the direct state/bank funding model and to the use of more diversified capital sources to fund its private sector will be discussed at an upcoming Euromoney summit in Riyadh.
Experts from around the world will discuss how the kingdom can create access to different sources of capital and the challenges behind it meet at this year’s Euromoney Saudi Arabia Conference taking place on May 17 and 18 at Al Faisaliah Hotel.
“This year’s panel sessions will explore the specific developments in various Saudi financial markets – such as commodities, real estate and equity – and what these developments mean for the wider financial development of the Kingdom,” said Richard Banks, director, Euromoney Saudi Arabia Conference.
“Practitioners such as Sikander Zaman, head of specialised finance at NCB, Keith Savard, director economic research at SAMBA and Clive Rates, managing director, Advisory, at HSBC Saudi Arabia, will discuss the new financial landscape and the place which Saudi Arabia is taking on the global stage,” he added.
Banks continued: “Bank lending was slow in 2010 and one of the main impediments to the economic recovery in Europe. First positive steps were taken in Saudi Arabia as banks are set to double lending to the private sector this year and see higher profits than last year, however, this is partly due to government distributions of more than $100 billion.”
“An expert panel will explore alternative capital sources for banks that would insure a gradual move away governmental funding,” Banks said.
Increased lending would be driven by economic activity in the kingdom where multi-billion dollar infrastructure projects are underway, which puts public sector and infrastructure financing strategies on the agenda of Euromoney Saudi Arabia Conference 2011.
Further, SMEs as key contributors to economic growth in the region as well as competitive devaluations and their effect on Saudi Arabia will be discussed at this year’s conference. – TradeArabia News Service
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