THE OPEC FUND IN THE WORLD
Drumming up support for the Middle East Saudia Arabia and IMF spearhead effort to boost recovery R ecent developments in the Middle East were at the center of the latest AlUla Conference for Emerging Market Economies, an annual economic policy conference, held in AlUla, Saudi Arabia, in mid-February 2025. Hosted by the Kingdom of Saudi Arabia and the IMF the conference convened a select group of emerging markets’ ministers of finance, central bank governors and policy-makers. President Abdulhamid Alkhalifa spoke on a panel titled “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies,” the key theme of the conference. He gave an overview of the OPEC Fund’s engagement in the region, ranging from investments in key economic sectors to humanitarian grants and support for education and healthcare. President
AlUla Conference for Emerging Market Economies
Photo: Al Arabiya Business
“It is essential to take a multi-tiered approach to supporting reconstruction and recovery.”
Alkhalifa said: “It is essential to take a multi-tiered approach to supporting reconstruction and recovery and to explore innovative solutions.” The panelists agreed on three priorities to support conflict-affected countries: • Continuous diagnostic of the challenges and economic and social context, including an assessment of each country’s humanitarian and reconstruction needs. • Enhanced capacity development aimed at scaling up initiatives to strengthen and build new institutions. • Mobilization of financial assistance from the international community, coordinated with international and regional development partners. An informal coordination group was established to support these efforts.
Abdulhamid Alkhalifa, President, OPEC Fund
Discussions continued at the IMF/World Bank Spring Meetings in late April in Washington, DC. AlUla is an ancient oasis city located in the west of Saudi Arabia. It was a market city in the historic incense route that linked India and the Persian Gulf to the Levant and Europe. The city is being redeveloped as a tourist destination to showcase the region’s rich cultural treasures.
36
Powered by FlippingBook