AMF Chairman: Arab Economies Likely to Grow in 2024

Arab Monetary Fund (AMF) has announced that as per its projections, the regional economies are set for a forecasted growth rate of 3.4% this year, with expectations of this figure increasing to 4% in 2024, said a top official.

Dr Abdul Rahman bin Abdullah Al Humaidi, the Director-General and Chairman of the Board of the AMF was speaking at the opening of the Arab Banking Conference 2023, which began on September 4 in Riyadh, under the theme, "Arab Economic Outlook in Light of International Changes."

He also underscored the importance of intensifying efforts to develop the financial and banking sector in Arab countries, increase access to financing and financial services, enhance domestic capital markets, and promote regional financial integration, reported Wam.

The Arab banking system has become more prepared to absorb and withstand financial and economic shocks and risks due to its improved liquidity and solvency levels, compliance with Basel III capital and liquidity requirements, and adherence to International Financial Reporting Standard (IFRS) 9, while effective banking supervision capacities have been improved to be in line with the best international standards and practices, he explained.

Al Humaidi affirmed that the banking sector in Arab countries is their primary source of economic liquidity, with assets totaling some US$4.1 trillion, equivalent to 124% of the combined Gross Domestic Product (GDP) of Arab nations.