Swicorp looks ahead to the Euromoney Saudi Arabia Conference

The Kingdom's economy has been growing rapidly in recent years, doubling in nominal terms since 2002 with nominal GDP projected to reach $464.5bn this year. As the world's largest oil producer, Saudi Arabia commands a pivotal position in the global economy and surplus oil revenue investment has witnessed a new level of growth and sophistication, in turn facilitating a significant role for the country in global financial intermediation.

The economic boom continues to be felt across the MENA region, and is attracting significant investor interest from the international community. A prime example is the series of mega-city projects launched by Riyadh since 2005, spearheaded by King Abdullah Economic City for which Swicorp is acting as financial advisor, and which are collectively projected to require up to $500bn of investment.

The government's belief that such huge amounts will be funded by the private sector is a strong reflection of the level of confidence in the Kingdom's future economic prospects. The role of the financial sector in the economic changes underway in Saudi Arabia will be discussed at the forthcoming Euromoney Saudi Arabia Conference 2008 in May 6-7, of which Swicorp is a lead sponsor.

"Saudi Arabia is an increasingly attractive destination for private sector investment and a major hub between East and West," said Kamel Lazaar, CEO and Chairman of Swicorp. "In addition to its obvious attractions for energy-intensive industries, Saudi Arabia is also one of the world's fastest reforming economies, which have helped Saudi Arabia leap from 38th place to 23rd place in the World Bank's Doing Business report, and places it first amongst all Middle East economies."

Saudi Arabia holds a variety of other attractions for investors. Demographic trends are highly favourable with a large consumer market of over 25 million, the majority of whom are young - 45% of the Saudi Arabia population is under 15 years of age.

In the banking sector, the Saudi banks are among the best banks in terms of profitability and growth potential in the Arab World and the establishment of the Capital Markets Authority (CMA) has helped consolidate the status of the Saudi stock market, or Tadawul, as the largest stock exchange in the Middle East. The Riyal has proved one of the most stable currencies in the world and the country benefits from a strong and well-regulated financial sector, with no restrictions on foreign currency exchange and outgoing money transfers.

"With such strong ongoing economic prospects, backed by continued positive reforms and a sound regulatory regime, the high level of confidence shown by corporations and investors alike is set to continue," added Kamel Lazaar.

"Swicorp's own commitment to the region is evidenced by the decision we took to relocate our group headquarters to Riyadh following the award of our CMA license last year. We look forward to the opportunities to share our insights at the upcoming Euromoney Saudi Arabia Conference which is always one of the best attended and most important gatherings in the Saudi financial calendar."