The third was when I was asked to head the Markets Group at the Federal Reserve Bank of New York at the beginning of 2007. It was an unexpected opportunity for public service after spending the bulk of my career in the private sector. The Markets Group is the operational arm of the Federal Reserve System. It helps to have an economics background, but it was a very different task managing 300 people who worked in many complex businesses ranging from Treasury auctions to providing services to foreign central banks. And, when the financial crisis began in earnest in August 2007, the learning curve accelerated sharply. BIS Review 71/2010  3  And the fourth was when I had the opportunity to succeed Timothy Geithner as president of the Bank in January 2008. Now it is 3,000 people, not 300 to manage and a much wider set of responsibilities. Some of the most interesting parts of the job have been getting troubled financial institutions onto a stronger footing so that these firms could provide greater credit and support to the U.S. economy. Obviously, working closely with Chairman Ben Bernanke and my Fed colleagues at the Board of Governors and around the other 11 Reserve Banks has also been particularly rewarding. Each time, the opportunities helped me broaden my knowledge and skills. My career benefited as a consequence. In implementing this advice, it also helps to have lots of good luck. In that regard, I have been blessed.
According to a recent report of the United Nations Conference on Trade and Development (UNCTAD), Saudi Arabia emerged as the largest recipient of foreign direct investment (FDI) in the Arab world in 2006, attracting $ billion in FDI, an increase of 51 percent over 2005. The global rating agencies Standards & Poors and Fitch have also raised the sovereign credit ratings of the Kingdom to A+. Also, Saudi Arabia has been upgraded according to the World Bank’s Ease of Doing Business Index from 38th place to 23rd place in 2007. The Government has encouraged the establishment and growth of value-added industries in areas where the Kingdom has competitive advantages, namely, cheaper energy, strategic locations and availability of raw materials. King Abdullah has recently launched four megaeconomic cities in Rabigh, Hail, Al-Madinah and Jazan, which are expected to draw almost  BIS Review 150/2007  1  SR 300 billion in investment and create more than a million jobs. It is worthy to note that these economic zones are located in the less developed cities and in areas away from the existing economically developed regions and are specifically selected to ensure that development and employment opportunities are spread around the Kingdom. An important indicator of progress made in diversifying the economy is provided by the trend in our non-oil exports. Such exports were insignificant in early eighties, but they have been rising sharply in recent years. Since 2000, they have risen continuously.