Mr. Chairman & distinguished audience
It is a great pleasure to be here and to have this opportunity to speak to such an eminent audience.  Let me begin with brief remarks about Saudi Arabia, which is the largest economy in the region in terms of its GDP, trade and financial system.  Additionally, the Two Holy Cities give the country a unique position in the Islamic world.  The country’s modern infrastructure and on-going structural reforms are paving the way for a greater private sector role in the economy and a better future for the country. The Government is keen to see timely implementation of a number of reform measures introduced over the last three years.  The rationale behind creation of the Supreme Economic Council, followed by the Saudi Arabian General Investment Authority and many

• other initiatives highlighted by other speakers,
•  the last of which was the issuance of the
•  Capital Market Law, is to streamline policy decision

making, improve the investment environment for local as well as foreign investors, and make use of the potentials and opportunities to achieve the country’s economic objectives and address its challenges.

Since a wide range of subjects is covered at this forum, I have chosen to focus on our banking system, monetary stability and capital markets.  The maintenance of stability in the overall financial system is one of SAMA’s three core tasks – the other two being responsibility for monetary stability and Banker to the Government.