Doha-based Qatar First Bank LLC recently commended a plan revealed by Deputy Crown Prince Mohammad AlSaud with an eye toward fashioning the kingdom into a powerful global investment hub in a post-oil economy.
The Saudi Arabia 2030 vision will take shape under the auspices of King Salman AlSaud, along with backing from the prince, who also serves as first deputy prime minister and as minister of interior of Saudi Arabia.
Qatar First Bank (QFB) Chairman Abdulla AlMarri noted that the long-range plan will serve as a type of roadmap for the kingdom’s path over the next decade and a half, with aspirations for significant economic progress.
"The 2030 vision seeks to build a prosperous economy and a dynamic society and establish an ambitious nation that explores the great human and financial potential of the Kingdom,” AlMarri said. “QFB sits at the forefront of these ambitious drives, and we will accelerate the execution of our business plans in the kingdom with the aim to meet the aspirations of our shareholders and clients in Saudi Arabia."
The country expects to develop relations with potential investors from neighboring GCC nations, as well as more far-flung jurisdictions, in order to strengthen its long-term overall financial stability. Regardless of current economic challenges, QFB maintains “an attractive pipeline” of pending transactions scheduled for completion in 2016.