Saudi Gazette report

RIYADH — The International Monetary Fund (IMF) has officially opened its first regional office in Riyadh, as the first office in the Middle East.

The inauguration coincided with a conference titled "Industrial Policies to Promote Economic Diversification," organized in collaboration with the Saudi Ministry of Finance.

Faisal Al-Ibrahim, Saudi Arabia's Minister of Economy and Planning, underscored the transformative impact of "Vision 2030" on the nation's legislative and political framework.

He noted the introduction of major projects like NEOM and the Red Sea project as evidence of Saudi Arabia's dedication to diversifying its economy beyond oil.

The minister emphasized that the Ministry of Economy and Planning has conducted thorough analyses across all sectors to amplify opportunities and underscored that sustainable economic growth in Saudi requires a diversified investment approach.

The conference aims to provide regional countries with the tools to enact policies fostering sustainable and diversified economic growth, learning from global precedents.

Discussions over the two-day event will focus on crafting industrial policies designed to ensure long-term prosperity across the region.