Kuwait city: The second edition of the Al-Ula Conference on Emerging Market Economies 2026 has officially begun. Organized in collaboration with the Saudi Ministry of Finance and the International Monetary Fund (IMF), the conference kicked off on Sunday, drawing attention to significant global economic shifts.
According to Kuwait News Agency, Saudi Finance Minister Mohammad Al-Jadaan emphasized in his opening remarks the importance of the conference amidst substantial changes in the global economy. He highlighted that emerging and developing economies are crucial drivers of global growth, contributing nearly 60 percent of global output and over 70 percent of expansion. However, these economies face challenges such as rising debt risks, slower trade growth, and increased geopolitical exposure.
Al-Jadaan pointed out that addressing these structural challenges requires credible, coordinated policies, as well as macroeconomic stability, disciplined fiscal frameworks, prudent debt management, strong institutions, transparency, and active international cooperation to foster sustainable growth.
IMF Managing Director Kristalina Georgieva noted the growing significance of emerging markets, which now constitute over 56 percent of the global economy. She called for strategic policy support, emphasizing the importance of private sector engagement, youth skills development, regional and international coordination, and trade promotion to sustain growth and strengthen resilience.
The conference, set to conclude on Monday, gathers finance ministers, central bank governors, international financial leaders, and top economists. Discussions will focus on global trade, monetary and financial system challenges, and structural transformation risks. This event underscores the partnership between the Saudi Ministry of Finance and the IMF and highlights Saudi Arabia's expanding role in the international economic arena.