Adam Smith Institute highlights Saudi Arabia’s Vision 2030 and its global economic impact

Saudi Gazette report

LONDON — The annual “Saleh Kamel Lecture Series,” in collaboration with the Adam Smith Institute, was launched in London recently under the theme “The Future of the Kingdom of Saudi Arabia: Economic Insights from the Middle East.”

Shiekh Abdullah Saleh Kamel, president of the Islamic Chamber of Commerce and Development, highlighted the decision to partner with the Adam Smith Institute, a globally recognized leader in thought leadership on local and international economic policy, ranked as the top think tank in the United Kingdom.

He noted: “The lectures aim to serve as a platform for analysis and discussions about the increasing prosperity in Saudi Arabia as a model of excellence in this field, especially under the Vision 2030 led by King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.”

“This vision has profoundly impacted not only the Arab region but also the global economic scene; and thus, the lecture series plans to shed light on ethical business, economic, and trade practices, a legacy vigorously upheld by the late Sheikh Saleh Kamel throughout his career both within and outside Saudi Arabia.”

The “Saleh Kamel Lecture Series” seeks to enhance dialogue on economic development in the Middle East, particularly focusing on Saudi Arabia. These meetings offer a unique opportunity for individuals and the younger generation to gain deep insights into the dynamics of Saudi Arabia’s rapidly evolving economy and its long-term impact on the global stage.

British politician and former Treasury Minister Nadhim Zahawi, in his speech, endorsed the late Saleh Kamel’s vision on the significance and feasibility of “Islamic financing” and the establishment of “free markets” with an Islamic ethos.

He remarked: “The strongest growth in Islamic finance over the past decade has been led by Saudi Arabia, followed by other regional countries. It is anticipated that the global Islamic finance industry will continue to grow significantly in 2024-2025, following an 8% increase last year.”

Zahawi added that Britain should take the lead in enhancing relations with Saudi Arabia and bringing it closer to the Western world, encouraging the West to capitalize on Saudi Arabia’s substantial potential for economic development and significant reforms.

“The Islamic finance sector is one of the fastest-growing segments in the global financial system, with an annual compounded growth rate of 17% since 2009. Islamic banking assets have rapidly expanded worldwide to reach $3.24 trillion by the end of 2022, with the London Stock Exchange listing 336 full Islamic banks in 2022, while 274 traditional banks offered Islamic banking services,” said the former British minister.

The “Saleh Kamel Lecture Series” was launched to honor the memory of Sheikh Saleh Kamel, a pioneer of Islamic banking and a key figure in shaping the global Islamic finance sector, whose career spanned eight decades and was marked by philanthropy until his passing in May 2020.

Sheikh Saleh Kamel’s influence extends beyond his home country of Saudi Arabia, impacting the Middle East, the Islamic world, and beyond. He was a visionary leader whose efforts in establishing Islamic banking concepts, as well as his contributions to media and community development, left an indelible mark on the societies he invested in.

On the sidelines of the lecture series, a biography of Sheikh Saleh Kamel was launched in English to introduce him to Western audiences.

Additionally, the Adam Smith Institute released a new research titled “Seizing the Opportunity,” highlighting ways the United Kingdom can benefit from the global growth of the Islamic finance sector by creating a conducive environment for banks and fintech startups in Islamic finance to establish hubs in London and export their services to 1.9 billion Muslims worldwide.

For more information about the “Saleh Kamel Lecture Series,” visit The Saleh Kamel Lecture Series website.