The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Finance minister of the year 2003: Taking stock of a volatile situation

Ibrahim bin Abdulaziz Al-Assaf, Saudi Arabia's minister of finance and national economy since 1996, has steered the economy through a difficult period. He has played a leading role in the modernization, diversification and liberalization of the Saudi economy and managed its finances prudently in a period in which oil prices have swung between $10 and $30 a barrel. Al-Assaf, a 54-year old economist who has served as the country's executive director at the World Bank for six years and as vice-governor of the Saudi Arabian Monetary Agency (Sama) and wins Euromoney's finance minister of the year award for 2003, spoke to Nigel Dudley in his office in Riyadh.

What is the impact of the announcement of Saudi Arabia's higher rating from Standard & Poor's?

This rating is very important for Saudi Arabia. It is becoming necessary for all countries to have a rating and it is a crucial building block in the financial system we are creating.

The first element of the financial sector is the banking sector, which is well organized, professionally supervised and offers excellent services to customers.


The next element is the establishment of the formal stock exchange, which has been made possible by the capital market law, which was passed this year and is now being implemented. We already have an electronic trading system and there is a company for registering stocks. I hope the Securities & Exchange Commission chairman and members will be announced very soon.


This capital market law is one of the most advanced in the world and reflects our desire to choose from the best international experiences. We have one of the most advanced electronic shares trading systems, with same-day settlement.


Another key part of our evolving financial sector is the passing of the insurance law, which will allow the introduction of more locally established insurance companies.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree