Latest news with #AlUlaEmergingMarketsConference
Argaam
17-02-2025
- Business
- Argaam
Saudi Arabia takes bold decision to unlock full economic potential, diversify away from oil: Alibrahim
Saudi Arabia, under the leadership of the Crown Prince, made a bold decision to unlock the full potential of its economy by planning long-term and looking at the big picture to move away from oil dependence, Minister of Economy and Planning Faisal Alibrahim said. The country adopted a constructive approach based on innovative radical change, the minister said during a panel discussion at AlUla Emerging Markets Conference. This approach stimulated innovation from top to bottom in the public sector and opened markets to innovators from within the Kingdom and globally. There is progress and momentum and the Kingdom is on the right track, but the task is not yet complete, he noted. "We will not accept the current situation, in which we see that we are working below our potential, which means that we are losing, and that this loss will accumulate over the years until it affects, in the future, the fundamentals, including family income,' Alibrahim added. The minister also stated that the Kingdom has a high competitiveness that makes it a key part of global value chains. It also has a long-term strategy for artificial intelligence that has been updated to keep pace with recent developments and new challenges.
Argaam
16-02-2025
- Business
- Argaam
Emerging markets preempted global rate hikes: Colombia's ex-Finance Minister
Mauricio Cardenas, Colombia's former Finance Minister, said that rising interest rates in advanced economies pose challenges for emerging markets, adding that, however, these countries were well prepared to face them. In an interview with Argaam on the sidelines of the AlUla Emerging Markets Conference, Cardenas added that several emerging economies preceded advanced economies in raising interest rates, which partially offset the impact of recent rise in global interest rates on them. Some emerging economies such as Indonesia, India and Mexico have already begun to cut interest rates this year, even though the US Fed has not, due to improved local economic conditions that have allowed growth to be stimulated, said the former minister. He pointed out that the biggest challenge now is the uncertainty surrounding the new US economic policies, which may affect capital flows, the dollar value and global trade. Cardenas also stressed that many central banks in emerging markets are adopting a wait-and-see approach until the situation in the US economy evolves. Cardenas hailed the AlUla Emerging Markets Conference, stressing the importance of these countries joining hands as one bloc in a world witnessing high levels of uncertainty, especially in the field of trade, which is a major driver of development.
