The International Monetary Fund (IMF) selected Riyadh as the venue for its regional office in the Middle East.
The announcement was made by IMF managing director Kristaline Georgieva at the end of a two-day visit to Saudi Arabia.
According to Georgieva, the regional office is designed to help engagement with country authorities in the region and to expand the IMF’s development capacity.
The office opening comes just weeks after the IMF forecast that Saudi Arabia will be among the faster-growing economies in the world with 7.6% GDP growth this year.
The World Bank also forecasted that GCC economies would grow by 5.9% this year.
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