Euromoney Saudi Arabia Conference begins in Riyadh
May 6, 2008
The Euromoney Saudi Arabia Conference 2008 kicked off at the Faisaliyah Hotel in Riyadh today.
The two-day conference was organized by Euromoney Conferences in partnership with the Saudi Ministry of Finance. This year’s focus is on the internationalization of the Saudi financial sector.
In remarks at the conference, Minister of Finance Dr. Ibrahim Al-Assaf warned that the unprecedented price increases in basic commodities, especially foodstuffs, could lead to a global crisis unless the international community undertakes a collective effort to contain it. This involves addressing the root causes of high food prices, which include the use of crops to manufacture biofuel and subsidies for farmers in developed countries.
On a domestic level, Al-Assaf said that rising prices and inflation rates represent major challenges for the Kingdom’s economic policy. He noted that the Ministry of Finance is working with other government agencies and ministries to curb inflation while continuing to implement development projects that, although they may have a short-term inflationary effect, will help achieve sustainable development over the long term.
Overall, Al-Assaf said that the Saudi government is continuing to implement programs to foster economic growth and support the private sector.