New coronavirus hospital in Madinah named after late Saudi nurse Nujood    Finance leaders discuss capital flows volatility over coronavirus fears    Arab Coalition did not commit rights violations in Yemen: Joint assessment team    Wall Street Closing    UAE sets up new office to support frontline workers    Dubai launches cyber index to promote online safety standards    Fernando Alonso joins Renault DP world F1 team    DSC marks official opening at DWTC    Joint Incidents Assessment Team issues a statement regarding allegations against Coalition Forces    Completion of First Batch of Privatization of the Flour Milling Sector    Bahrain Bourse Rises    Saudi gold production jumped 143% by 7.3 tons since 2016    Emergency Center for Epidemic Control Provides Medical Services in Hajjah Governorate, Yemen    Custodian of the Two Holy Mosques Approves Nominating Hani Al-Muqbel as Representative of Saudi Arabia in ALECSO's Executive Council    Al-Baha produces 800 ton of fine quality honey annually    Kingdom's Najd beats Australia's Jessica in FIFA 20 e-Football    Comprehensive online Arabic book platform hits the market    Jordan's Princess Raiyah weds Roald Dahl's grandson    Kuwait confirms 762 new COVID-19 cases    With 1,210 new cases, Oman corona infections top 50,000    Amman Stock Market Rises    Kuwait to disburse $780mn to support citizens in pvt. sector    Asian Shares Fall    West Bank festivities spark fresh corona outbreak    KSrelief continues water and sanitation project in Yemeni districts    Saudi Press: NEOM Signs Agreement for $5 billion Production and Export of Green Hydrogen    142 governmental initiatives to mitigate financial, economic effects of consequences of Coronavirus    Pandemic: 56% of women prefer child birth at home    Bahrain Bourse Rises    Aircraft Accessories and Components Company Appoints Eng. Mazen Johar as CEO    Saudi Special Olympics to Take Part in Special Olympics World Winter Games 2022    SFA and WHO sign accord in several strategic areas    DSC honors winners of Pocari Sweat 19K Run    Greenwood shines as 5-star Man United crush Bournemouth    Vardy nets 100th Premier League goal as Leicester beat Palace    Veteran Bollywood choreographer Saroj Khan dies aged 71    Bayern Munich Sign Leroy Sane from Manchester City    Complementary, Alternative Medicine Practicing 1st Manual Version Issued    Actor Sushant found hanging in his Mumbai residence    Wives detect polygamy: Divorces up 30% in Saudi Arabia    Council of Senior Scholars advises old people to pray at home    Saudi Ithra center launches dialogue sessions with most famous creators in the world    SFDA Implements National Program to Ensure Safety of 10,000 Food Samples    Saudi Surgeon Managed to Remove Kuwaiti Girl's Brain Tumor, as French Physician Declined, in the last Moments    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    Custodian of Two Holy Mosques addresses Citizens and Muslims on the Advent of Holy Month of Ramadan    Ministry of Hajj and Umrah Launches Awareness Message on Sacrifice Day    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

CFKC Convenes Webinar to Discuss Impacts of COVID-19 Pandemic on Future of Investment in Saudi Arabia
Published in Saudi Press Agency on 21 - 05 - 2020

The Communication and Financial Knowledge Center (CFKC), affiliated to the Ministry of Finance, in cooperation with the National Debt Management Center (NDMC) convened a webinar entitled "Saudi Arabia: A Sustainable Investment Ecosystem", on 19th of May, 2020, attended by a number of government sector officials, representatives of the international financial institutions, and over 500 investors to shed light on Government initiatives to mitigate the financial and economic impacts of Coronavirus (COVID-19) for the private sector, investors and the investment climate as a whole.
President of the National Debt Management Center Fahad Al-Saif highlighted the efforts and accomplishment of the NDMC since its establishment, and touched upon recently announced fiscal measures, and reconfirmed "Saudi Arabia is fully committed in consolidating its public finances and is striking an optimum balance between supporting economic activity while being fiscally prudent".
Al-Saif added that the 2020 funding plan to upsize its issuance program and increase by maximum of SAR 100 billion in addition to the announced SAR 120 billion earlier in the year through diversified funding sources.
Al-Saif has stated that since the beginning, the Kingdom has prioritized one main objective; keeping citizens and residents safe, by implementing all precautionary, health and financial measures to prevent the spread of the virus. He pointed out that measures taken over previous years have led to strong public finances management and control of the budget deficit. The strong and positive economic indicators at the end of 2019, illustrated the strength of the government's financial position; considerable government reserves as one of the world's highest contributed to the Kingdom's financial strength. These factors provide assurances for the Kingdom's financial position to support its credit rating and reduce the cost of financing in the domestic and international markets. Moreover, it helps face unexpected adjustments to income or expenditure.
The positive credit ratings of global rating agencies confirmed the credibility and resiliency of the Saudi economy, and reflected the strength of the Kingdom's financial position and ability to cope with any challenges; "Fitch affirmed the Kingdom's rating (A) with a stable outlook, while Moody's agency updated its credit report ranking Kingdom (A1) with a negative outlook due to the current unprecedented challenges and fluctuation of oil prices caused by COVID-19. These international reports reflect the credibility and trust investment institutions have in the Saudi economy," Al-Saif said.
Moreover, Ibrahim AlSuwail, Deputy Minister, investment services & attraction at the Ministry of Investment stated that the COVID-19 Response Center (MCRC) has provided 24/7 support to over 7,000 organizations in the Kingdom to ensure business continuity during these unprecedented times and help them tackle the current business challenges. AlSuwail indicated that all employees of the Ministry of Investment whilst working remotely, fully served investors, with continuous and direct coordination with all sectors and government authorities to quickly address the challenges facing investors.
Governor of the National Development Fund (NDF) Stephen Groff confirmed that since the Fund announced programs amounting to 22 billion riyals in support of citizens and the private sector. These programs include extending the grace period, restructuring loan payments for the most needy facilities, providing loans to micro, small and medium enterprises, financing working capital, and supporting employment and training programs for job seekers and the private sector, through funds and development banks of the National Development Fund, namely the Social Development Bank, the Saudi Industrial Development Fund, the Saudi Human Resources Development Fund, the Agricultural Development Fund, the Real Estate Development Fund and the Tourism Development Fund. This is in addition to other initiatives in cooperation with the General Authority for Small and Medium Enterprises, Kafalah Program and Saudi Export and Import Bank.
Samir Assaf, Chairman, Corporate and Institutional Banking at HSBC said: "We believe in the fundamental steps taken by the Kingdom of Saudi Arabia and vision the massive demand for the Kingdom's recent 7 Billion Dollar bond issuance, reflected the international investor's complete confidence in the Saudi economy."
During the webinar, Terrance Keeley, Global Head of Official Institutions Group, BlackRock said that: "BlackRock supports and encourages the initiatives and the measures taken by the Kingdom's government, which indicate the Kingdom's keenness and commitment to long-term fiscal sustainability, pointing out that the global economic environment seeks to achieve the highest levels of quality and returns., The Kingdom is an attractive investment on both relative and absolute levels, and international investors are interested in obtaining solid sources of returns. The Kingdom retains many attractive investment opportunities including investment in infrastructure."
At the end of the webinar that was moderated by Secretary General and Spokesman of Saudi Banks and Saudi Media and Banking Awareness Committee Talaat Hafez, a number of questions have been posed by the webinar attendees on the future plans of the Saudi Economy in the light of Coronavirus and the most prominent challenges facing public finances and the investment sector in the Kingdom.
CFKC General Supervisor and Deputy Minister of Communication and Media Yarob Al-Thenayan expressed his thanks and appreciation to all participants in the webinar, stressing that holding such meetings helps achieve the Center's objectives to establish effective partnerships between government sector officials and the financial and economic sectors, disseminating knowledge, exchanging views and discussions, and contributing to raising awareness about current issues. The Center monitors all updates in the financial and economic sectors, and that this webinar is one among many activities conducted by the Center, such as issuing daily media reports on the directly linked to the COVID-19 developments. The webinar covered various economic variables resulting from the Coronavirus pandemic, and its impacts on the global markets with a focus on the developments in Saudi Arabia, as well the local and international economic developments.

Clic here to read the story from its source.