The Euromoney Saudi Arabia Conference 2012 opened today (May 22) in Riyadh amid political change and economic instability in Europe fanning fears of an economic blaze that could affect the Middle East.

Now in its seventh consecutive year, the event is taking place under the patronage of Saudi Arabia’s Minister of Finance, Dr Ibrahim Al-Assaf, who inaugurated the event at the Al Faisaliah Hotel.

“Experts are carefully eyeing the oil price even though Saudi Arabia has enough cash reserves to ride out a temporary economic downturn in the Eurozone,” said Richard Banks, director of Euromoney Saudi Arabia Conference.

“However, the government’s massive economic stimulus has put Saudi Arabia in a very delicate situation. According to the International Monetary Fund (IMF), Saudi Arabia needs the barrel to be near to $80 to cover this budget year. By 2016, the IMF says, oil will have to approach $100 a barrel to cover Saudi Arabia’s ambitious domestic projects which makes the Kingdom vulnerable to any oil price fluctuations in the future.”

In the mean time Saudi Arabia Gross Domestic Product amounted to $577 billion in 2011, positioning the Kingdom’s GDP ahead of several European economies including those of Sweden, Poland, Belgium, Norway and Austria, and ranking it number 20 on a global scale.

“The relevance of Euromoney Saudi Arabia Conference is highlighted by the speakers from the public sector such as Dr Ibrahim Al-Assaf, the Saudi Minister of Finance, Adel M Fakieh, Minister of Labour, Dr Muhammad Al Jasser, Minister of Economy & Planning and Dr Tawfig Al Rabiah, Minister of Commerce & Industry,” Banks concluded.

"GIB is proud to support the Euromoney Saudi Arabia conference as a Lead Sponsor,” said Dr Yahya Alyahya, CEO of Gulf International Bank (GIB).

“This year’s high calibre agenda looks at the key topics of stability, growth and jobs in the Kingdom. As the leading regional bank, GIB offers its clients innovative financial solutions and is committed to Saudi Arabia’s economic development. We are looking forward to this year’s conference on May 22 and 23 and the valuable discussions it will include.”

Key entities from the private sector such as lead sponsors Bank Albilad, Albilad Investment Co., BNP Paribas, Gulf International Bank, HSBC, Mobily, NCB, Samba, SambaCapital and Saudi Fransi Capital and Banque Saudi Fransi, will be participating at Euromoney Saudi Arabia Conference 2012, which is now firmly established as the most influential financial conference in Saudi Arabia. – TradeArabia News Service