GREATER PRESSURE

Saudi Arabia 2017 | FINANCE | COLUMN

TBY talks to Bader Alamoudi, Senior Country Officer, J.P. Morgan, on the sector.

Bader Alamoudi

Could you give us the context of J.P. Morgan's history in the market?

Our strategy in Saudi Arabia has been to never stop growing. In the past, we used to do business offshore with the government and related entities. Once we were authorized to have licenses on the ground, we obtained both licenses, SAMA and CMA. We are not opportunistic; we have been in the country for over 80 years and plan to continue to be in the Kingdom for many more years.

Has there been a fundamental shift in the way the country conducts its finances and in the way it views the state's control over the economy?

Saudi Arabia needed a vision to start from. It faced greater pressure when oil prices went down and for now it is a must to diversify the economy and have a proper vision for the future in order to be less reliant on oil. It started with the diversification plan and privatization. In order to be part of the full global market and financial market, Saudi Arabia had to cope with international standards. If it wants to attract FDI, it needs to prepare the investment environment for foreign investors to be more comfortable.