Skip to content Skip to Search
Skip navigation

IMF opens office in Riyadh to bolster Middle East presence 

The IMF said its Riyadh office will 'promote stability, growth and regional integration' Reuters/Yuri Gripas
The IMF said its Riyadh office will 'promote stability, growth and regional integration'

The International Monetary Fund (IMF) will open a new regional office in Riyadh to bolster collaboration with nations in the Middle East and beyond. 

The new office will scale up capacity building, regional surveillance, and outreach to promote stability, growth, and regional integration, the Washington-headquartered fund said in a statement. 

The office will be pivotal in strengthening the IMF’s engagement with regional institutions, governments and other stakeholders. 



In March, the Saudi cabinet approved an agreement to establish an IMF regional office in the country.

During her visit to Saudi Arabia in October 2022, IMF managing director Kristalina Georgieva said the regional office in Riyadh will strengthen relationships with country authorities and help expand the fund’s capacity development activities, which will make it one of the largest contributors globally

The IMF cut its estimate for Saudi economic growth to 2.6 percent in 2024, but raised its expectation for 2025, according to its World Economic Outlook released this month.

The Saudi GDP was raised to 6 percent from the 5.5 percent forecast earlier in January. 

The IMF praised the kingdom’s non-oil economy as “robust” in its January report but did not comment on the revised figures in its April paper. 

Latest articles

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Saudi Comac Dongfeng He Bandar al-Khorayef

Chinese planemaker banned by US woos Saudi airlines

The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China.  Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […]

Mads Bo Larsen, vice-president of Novo Nordisk UAE, says a local plant 'will not solve anything' in the face of the country's Ozempic shortage Video length: 3:39

UAE diabetics face Ozempic shortage due to weight-loss users

The manufacturer of Ozempic is “troubled” by the fact the drug, which was designed to help people with diabetes, is in short supply in the UAE because of the high number of consumers using it for its weight loss side-effects. Danish pharmaceutical company Novo Nordisk introduced Wegovy, a drug meant to specifically tackle obesity, to […]