A two-day conference on Emerging Market Economies took place in Al Ula, Saudi Arabia, from February 16-17, 2025. The event was co-hosted by the Saudi Finance Ministry and the International Monetary Fund (IMF). At the conclusion of the conference, Saudi Finance Minister Mohammed Aljadaan and IMF Managing Director Kristalina Georgieva issued a joint statement.
The statement expressed gratitude to policymakers, academics, and representatives from regional and international financial institutions for their participation in making the first Al Ula Economic Conference for Emerging Market Economies a success. They emphasized that the forum facilitated collaboration and discussions on specific challenges facing emerging markets.
Over the course of the conference, participants explored how emerging economies can navigate risks and seize opportunities. A key theme was the importance of unity and collaboration to sustain resilience and growth in these economies. The statement highlighted three main takeaways:
Firstly, it is a time of significant transformations affecting technology, trade, climate, and capital flows. These changes are reshaping the global economy, necessitating sound macroeconomic and financial policies to build resilience.
Secondly, emerging markets are leveraging these transformations to strengthen their economies. With digitalization and ambitious policies, there is potential for AI to enhance productivity and resilience. However, reforms are needed to boost investments in digital infrastructure and human capital.
Thirdly, while transformations present opportunities, there is a risk that some countries may fall behind. Strong domestic policies are crucial for seizing opportunities, but international support can also help mitigate divergence risks.
The co-hosts expressed pride in organizing this inaugural global forum focused solely on economic prospects for Emerging Market Economies. They look forward to continuing discussions at next year's second Al Ula conference.