British finance expert: Major foreign investments on its way to Saudi Arabia
Saudi Arabia has attracted the attention of many major investors and investment portfolio managers in the world after wide-scale economic reforms took place. Amid expectations that these reforms would lead to long-term economic revival and attract more foreign investments in various sectors, including the Saudi stock market.
Ross Teverson, Head of Strategy, Global Emerging Markets - Jupiter Fund Management, said he expects that the Saudi economy would witness a significant improvement during the coming period due to the reforms Saudi Arabia made. He also asserted in an interview with Al Arabiya English, that the Saudi stock market would attract more foreign investments over the coming period.
“We believe that Saudi Arabia took several steps in the right direction,” told Al Arabiya English, indicating that “the energy and fuel process had went down in an unrealistic way, this is what encouraged Saudi Arabia to diversify its economic resources. Which would be positively reflected on the Saudi economy on the long term. Although it might have some pressure on the consumer on the short term, but overall we believe that the changes in Saudi Arabia were positive ones.”
Teverson, who spoke to Al Arabiya English in London, added that: “Promoting the Saudi Stock Market (Tadawul) to an emerging market in and important and big step. We aspire to list the prospect market in the Morgan Stanley index for emerging markets.”
“I am certain that it would lead to a lot of positive impacts, contribute in enhancing the investments and attract more international investors of corporates and companies,” Teverson said.
Regarding the Saudi Vision 2030, Teverson said: “What Saudi Arabia witnesses of economic and developmental transformation and drastic changes as part of the efforts exerted to achieve the ambitious and goals of the 2030 Saudi Vision which aims to create diversified and sustainable economy is a crucial step.”
The British financial expert linked between the economic giant; China and the changes taking place in Saudi Arabia, “There are interesting similarities between Saudi Arabia and China, Saudi Arabia will host the G20 Summit in 2020. During my last visit to Saudi Arabia, I went to the King Abdullah Financial Center where the summit will be held, the region is witnessing many projects that reminded me of a lot of Beijing or Shanghai, where the political will formed the main motive to complete the projects quickly.”
“It is obvious that Saudi Arabia started to follow some indicators of China’s fixed asset investment model by injecting investment into infrastructure projects to overcome some challenges that may hinder economic growth.” He added.
Teverson concluded saying: “Prince Mohammed bin Salman’s recent anti-corruption campaign will have a positive impact on enhancing transparency on the long term.”