SAMA Governor Emphasizes Strengths of Middle East in Investment

Israa.M.Ibrahim February 6, 2024

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SAMA Governor Emphasizes strengths of Middle East in Investment — Saudi Central Bank (SAMA)

His Excellency Mr. Ayman bin Muhammad Al-Sayyari, Saudi Arabia Central Bank Governor declared that Middle East-Investments have strong opportunities regarding the strengths.

Regional Consultative Group for the Middle East and North Africa region affiliated with the Financial Stability Board held its meeting at the Saudi Central Bank (“SAMA”) headquarters in Riyadh. They discussed financial stability issues affecting the region, including the implementation of global framework for digital currency activities.

SAMA Meeting

Al-Sayyari also emphasized the significance of implementing financial stability measures. In addition, members discussed challenges related to vulnerabilities in global and regional financial stability, including financial risks arising from high interest rates and non-bank financial intermediation.

Meeting Agenda

The group’s members participated in a discussion regarding the most significant events that could impact the stability of the financial sector in the area. The meeting schedule encompassed various subjects that are part of the Council’s focal points for this year.

The second topic included lessons learned from the crises that affected the banking sector during the year 2023. The group discussed the Financial Stability Board’s report on initial lessons learned from banking turmoil in 2023. Furthermore, they expressed their intention to continue this work in 2024.

Middle East-Investments

Al-Sayyari listed a number of elements that supported the ability of investment power in the eastern region. They include rapid technological advancement, favorable position, and economic diversification.

Also, he referred to the report issued by the International Monetary Fund which reveals that the Middle East and Central Asia region enjoy high resilience to overall financial risks.

The Regional Consultative Group for Middle East and North Africa includes financial and regulatory authorities from several countries including KSA, Kuwait, UAE, Bahrain, Oman, Qatar, Egypt, and Algeria.