RIYADH: A strong capital market is necessary for Saudi Arabia’s economic growth, said an HSBC executive. Patrick George, head of global markets & security services, Europe and North America, also stressed the need for continued government support, funding and strong interest from international investors, which according to him, has been massive. Talking to Arab News on the sidelines of the two-day Capital Markets Forum in Riyadh, the top banker said: “Saudi Arabia has a vision for growth. And its capital market can help deliver on that,” he said. “Driving growth will come through the banking system, and via government funding, but also from international investors.” When asked about the appetite of international investors toward the Saudi capital markets, George confirms that the appetite is massive. “We’ve seen it over the past three years. It started to grow slowly but surely since the (Saudi) capital market has been reforming and implementing a whole series of changes that started in 2016.” George praised the flurry of IPOs in the Saudi market, “specifically in 2022 when we saw a record year of IPOs, and that brought a significant amount of interest from foreign investors.” “Emerging markets were facing macroeconomic pressures including rising interest rates and geopolitical challenges. But for Saudi Arabia, it still brought those IPOs to market that attracted foreign investor interest.” “Saudi Arabia has a very strong macroeconomic equation and it will be needed to deliver that growth agenda. And we see foreign investors ready to participate in it. “There are not a lot of stories about growth. There are not a lot of stories about structural change in emerging market these days. And I think Saudi Arabia brings that to the table,” the top executive said. He also expressed optimism over the Saudi-China economic ties. “We’re seeing some good growth corridors between Saudi Arabia and China that could benefit foreign investors and foreign investment interests in Saudi Arabia,” George added.