Saudi Arabia offers lots of opportunities for US investors: Mnuchin

Saudi Arabia is taking all the right steps to be a leading capital market player and Aramco IPO will offer a great opportunity to grow the market here, US Secretary of the Treasury Steven Mnuchin said at the third-annual Future Investment Initiative (FII) on Wednesday.

“Saudi Arabia has a very strong appeal. The potential role Saudi can play in the regional hub of the economy is very important and the Crown Prince’s execution of this transformation will be the critical vision in getting it done,” he added.

He praised the Kingdom’s effort to open up its capital market, but urged a roadmap to drive plenty of the US investments, given the opportunity offered by the country.

On Tuesday, Sarah Al Suhaimi, chairperson, Saudi Stock Exchange (Tadawul) said they aim to become a world-class stock exchange as the number of qualified foreign investors (QFIs) jumped to more than 1500 this year from 200 last year.

Mnuchin revealed, during his discussion with Sarah Al Suhaimi, chairperson, Saudi Stock Exchange (Tadawul) at the FII, that the 'phase one' of the United States-China trade deal will be signed in Chile next month.

“We are looking signing phase 1 agreement in Chine next month,” he said, adding global growth was having a “modest drag” on the US economy.

Write to Parag Deulgaonkar at parag.d@argaamplus.com