Chairman and CEO of State Street, Ronald O’Hanley, discussed the opportunities available in Saudi Arabia and the desire of financial institutions to invest in the region and participate in the expected prosperity.
O’Hanley said in a panel discussion within the activities of the financial sector conference, which kicked off today, Wednesday, in Riyadh, that energy and renewable energy in Saudi Arabia have become leaders in the world, in addition to tourism and the significant growth of the consumer economy.
He continued, “This is in addition to what has been discussed about increasing women’s participation in the business sector, which will give strength to the economy in the foreseeable future.”
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“We see a very strong economy that has decided to shift away from fossil fuels plus something else…supported by an educated workforce and it’s very rare to see such an opportunity in the world,” O’Hanley said.
He added that we see a trend on the part of banks, financial institutions and others to study how to invest in this region and participate in the story of prosperity, not only to support it, but to participate in it, saying: “I think we will see a lot of these investments now and in the future.”