Business Leaders Praise Saudi Arabia’s Economic Growth at London Event
LONDON: The investment environment in Saudi Arabia and the potential for economic growth were lauded by business leaders at an event hosted at the London Stock Exchange. The BMG Economic Forum, in partnership with Arab News, convened to delve into business developments within the Kingdom and the broader region.
Resilient Energy Sector
Dr. Carole Nakhle, CEO of Crystol Energy, highlighted the Kingdom’s robust energy sector, emphasizing its resilience amidst major geopolitical shifts. Nakhle debunked common misconceptions about oil and gas volatility, stressing the importance of a well-functioning market that efficiently manages fluctuations.
Geopolitical Stability
Nakhle underscored Saudi Arabia’s proactive approach to mitigating geopolitical risks, attributing it to the clear vision outlined in Vision 2030. She dismissed predictions of the oil sector’s demise in the Kingdom, citing its strategic reserves and low production costs as key strengths.
Diversification Efforts
Manish Singh, CEO of Crossbridge Capital, praised Saudi Arabia’s efforts to diversify its economy through deficit-funded capital expenditure. Singh commended the Kingdom’s low debt-to-GDP ratio and the significant assets held by entities like Saudi Aramco and the Public Investment Fund.
Giga-Projects Progress
Jerry Inzerillo, CEO of the Diriyah Gate Development Authority, provided an update on Saudi Arabia’s giga-projects, showcasing advancements in the Diriyah region. Joined by industry experts Catalina Valentino and Arta Selmani, Inzerillo highlighted the successful completion of parks, hotels, and museums in line with the Kingdom’s ambitious development plans.
Shift in Purpose
Valentino, CEO of ELIXR, applauded Vision 2030 for instigating a shift towards purpose-driven businesses in Saudi Arabia. She emphasized the importance of aligning business goals with societal impact, signaling a new era of conscious entrepreneurship in the region.