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27-03-23

Saudi Arabia Emerges as Attractive Destination for Investors, Says Franklin Templeton Officials

(MENAFN) Top officials at global asset management firm Franklin Templeton have stated that Saudi Arabia has emerged as an attractive destination for investors, driven by giga-projects and economic reforms under the Vision 2030 program. In an exclusive interview with Arab News, Salah Shamma, head of MENA equities for Franklin Templeton’s Emerging Markets Equity group, expressed optimism about the opportunities available in the Kingdom. He noted that large-scale projects, mainly driven by the public sector but with significant private sector participation, have boosted the equity market in Saudi Arabia. Additionally, Shamma highlighted the young demographic of Saudi society and the Kingdom's high per capita income as critical factors that make it an attractive emerging market.

Mohieddine Kronfol, chief investment officer, global sukuk and Middle East and North Africa fixed income, at Franklin Templeton, echoed Shamma's enthusiasm. He explained that now is a great time to invest in fixed income markets for two reasons. Firstly, yields are currently much higher than they were a year ago, providing investors with more income. Secondly, fixed income markets offer more protection. The Saudi fixed income markets, in particular, are of very high quality and mainly government-sponsored, making them a safe place to invest.

The officials' positive outlook on investment opportunities in Saudi Arabia is a result of the country's ambitious Vision 2030 program, which aims to diversify the economy and reduce its dependence on oil. The program has led to the execution of several giga-projects and economic reforms, creating a supportive environment for companies to operate within the consumer space. As Saudi Arabia continues to implement its long-term plans, it is expected to attract more investments and strengthen its position as an attractive destination for investors.
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