The world's economic attention is once again focused on Saudi Arabia, which is preparing to host the second edition of the Al-Ula Emerging Markets Economies Conference, scheduled for February 8 and 9 in the historic Al-Ula region. This important event is the result of a strategic partnership between the Saudi Ministry of Finance and the International Monetary Fund, bringing together a distinguished group of finance ministers, central bank governors, policymakers, leaders of international financial institutions, and leading economic experts from around the globe.
Strategic context at the heart of Vision 2030
Hosting this conference cannot be separated from the broader context of Saudi Vision 2030, which aims to diversify the national economy and enhance the Kingdom's position as a global hub for business and finance. The selection of Al-Ula, with its rich cultural and historical heritage and ambitious development projects, is a symbolic step that underscores the Kingdom's commitment to blending tradition and modernity, and to presenting a unique model for sustainable development. The conference reflects the pivotal and growing role that Saudi Arabia plays on the international stage, not only as a leading economic power, but also as a bridge for communication and constructive dialogue between different global economies.
The importance of the conference in light of global challenges
The conference is being held at a critical juncture as the global economy undergoes rapid structural transformations. From the repercussions of the COVID-19 pandemic and geopolitical tensions that have reshaped global supply chains, to rising inflation, accelerated digitalization, and climate challenges, emerging market economies are facing unprecedented pressures. Therefore, this conference is of paramount importance as a vital platform to enhance the resilience of these economies, help them seize new opportunities to ensure sustainable and inclusive growth, and improve the living standards of their citizens—all of which directly contribute to the stability of the global economy as a whole.
A platform for exchanging visions and coordinating policies
His Excellency the Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, affirmed that the Kingdom's hosting of the conference reflects its unwavering commitment to supporting international efforts aimed at enhancing financial and economic stability. He noted that "emerging market economies are a pivotal element in the global economic system, given their direct impact on its growth and stability." Al-Jadaan added, "The Al-Ula Emerging Markets Economies Conference provides a unique platform for exchanging views on global economic developments and discussing policies and reforms that will support inclusive growth and enhance economic resilience, within a broader framework of international cooperation that contributes to addressing shared challenges.".
Facing risks and seizing opportunities
For her part, Kristalina Georgieva, Managing Director of the International Monetary Fund, explained that the conference provides a vital platform for these economies to discuss ways to address risks and seize opportunities in the coming period. She noted that the broad transformations underway in the global economy, driven by technology, demographic changes, and geopolitical shifts, are creating a more complex and uncertain environment, necessitating enhanced resilience through sound macroeconomic and fiscal policies.
Ambitious goals for sustainable growth
The conference aims to achieve several key objectives, most notably exchanging experiences and coordinating policies to support economic reform in emerging economies and enable them to capitalize on global transformations. Participants also seek to raise international awareness of the challenges facing these economies and highlight successful experiences in developing innovative solutions that foster international cooperation, attract investment, and ultimately contribute to improving living standards and achieving the desired economic prosperity.
