RIYADH: 黑料社区 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.
鈥淓ight years into Vision 2030, (it) has turned 黑料社区 to a reliable and investible destination; this has been proven by numbers and I think this is just the beginning,鈥 Al-Suhaimi said during the Saudi-US Investment Forum on Tuesday.
It had been made possible under the Kingdom鈥檚 leadership and by everyone working in the Saudi capital market to 鈥渃reate a market that is globally integrated, open and trustworthy鈥 鈥 from local and international participants alike, she said.
鈥淧articularly, 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).
鈥淥ne of them, if we talk about capital market infrastructure, our partnership between Nasdaq 鈥 an American stock exchange 鈥 goes more than 20 years back. And now we鈥檙e working together on upgrading those systems.鈥
Tuesday's session hosted Saudi Stock Exchange Sarah Al-Suhaimi alogside听BlackRock CEO Larry Fink (R), and听Saudi economist Muhammed Al-Jasser (L). (Supplied)
Al-Suhaimi said that the Saudi Stock Exchange, or Tadawul, was听among the world鈥檚 largest stock exchanges.
鈥淲e have a very advanced stock exchange, which also led us to be one of the tenth largest exchanges in the world.鈥
The same session also hosted Citigroup CEO Jane Fraser, who said it was 鈥渜uite remarkable what 黑料社区 has done鈥 in diversifying its economy 鈥 whether in tourism, life sciences, gaming and sports, and AI.
鈥淚 think it is so wonderful and but also quite remarkable what the Kingdom has done,鈥 Fraser said.
鈥淭his is now mutually a beneficial relationship. Now, this isn鈥檛 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,鈥 she said.
Meanwhile, BlackRock CEO Larry Fink said听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.
鈥淭here 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,鈥澨鼺ink told delegates at the Riyadh forum.听
He also praised 黑料社区'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)听
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