Riyadh, Kingdom of Saudi Arabia, 29 October 2024 - Islamic Development Bank (IsDB) Group Chairman, H.E. Dr. Muhammad Al Jasser, joined a distinguished panel at the 8th Future Investment Initiative (FII), themed “Infinite Horizons: Investing Today, Shaping Tomorrow” held in Riyadh.

The panel, titled “Second Board of Changemakers: Banking & Investment” addressed the evolving investment landscape, the role of alternative investments, and how financial institutions are adapting to global shifts, with a focus on the recent economic outlook for the MENA and GCC regions.

Dr. Al Jasser highlighted that the MENA region is experiencing promising signs of recovery despite enduring significant economic challenges over the past two decades. He noted that while regional growth had slowed to 2.1%, “green shoots” are emerging, and the potential to rebound to 4% exists if macroeconomic and structural reforms continue and regional stability improves.

Panelists at the session, including financial leaders addressed the global economic outlook, noting the uneven growth levels across different regions. While some countries are experiencing robust growth, others face slower progress. They highlighted a positive trend of decreasing inflation rates and examined the transition toward a surge in private capital investment. The discussion also covered the rise of AI and its transformative potential for financial services and the broader economy, emphasizing how it could reshape industries and drive innovation.

Discussing the GCC, Dr. Al Jasser emphasized its position as a regional and global bright spot, particularly highlighting Saudi Arabia’s robust rebound in growth. He attributed this momentum to the kingdom’s sound monetary and fiscal policies and its intensified diversification efforts, which have strengthened the economy’s resilience. Dr. Al Jasser also acknowledged other GCC countries, such as the UAE, which continue to chart strong paths of growth and diversification.

Dr. Al Jasser stressed that continued diversification across the GCC is crucial, especially as oil prices and trade dynamics are closely tied to global developments. He advocated for a stable geopolitical environment to support stronger intra-regional trade and investment.

Additionally, Dr. Al Jasser emphasized IsDB's commitment to supporting its 57 member countries, especially the 25 least developed and 18 fragile member countries, which face high debt levels and limited access to financing. To help address these challenges, IsDB aims to increase its lending in 2024 to three times the amount allocated in 2020, focusing on resilience and sustainable growth.

He concluded by stressing that structural reforms, transparency, and sound economic policies are key to attracting foreign investment and advancing development. Expressing optimism for IsDB’s member countries, Dr. Al Jasser reaffirmed the Bank’s dedication to tailored support that enables them to achieve their growth aspirations.