02 Dhu al-Hijjah 1443 - 1 July 2022
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Eye of Riyadh
Government | Friday 4 March, 2022 11:32 pm |

Crown Prince: Saudi Arabia among fastest growing countries

Crown Prince Mohammed Bin Salman said that Saudi Arabia is one of the fastest growing countries in the world,. We have two of the 10 biggest global funds.


“Saudi Arabia has the ability to provide 12 percent of the world's oil, and it has one of the largest global cash reserves,” he told the US magazine “The Atlantic.”


He noted that the Kingdom is situated between three main straits; Suez, Hormoz and Bab Al-Mandab, and it overlooks the Red Sea and Arabian Gulf in which 27 percent of world trade passes through. The total Saudi investment in America is $800 billion. In China to date we’ve invested less than $100 billion. But it seems that things are growing very fast there. The American companies have a huge concentration in Saudi Arabia. We have more than 300,000 Americans in Saudi Arabia, some of them Saudi-American, living in Saudi Arabia, and it’s growing every day. So the interest is obvious. Whether you want to win in Saudi Arabia or lose it in Saudi Arabia, is up to you, he said.


The Crown Prince also drew attention to the giant economic leap being made by the Kingdom as a G20 country with holding its presidency in 2020. You can see our position five years ago, it was almost 20. Today, we are almost 17 among the G20 countries. And we are aiming to reach a place more advanced than 15 by 2030. For example, in 2021 we aimed to have 5.9 percent GDP growth’, we ’believe we reached 5.6 for 2021. And that’s definitely among the top fastest growing countries in the world. Next year, the whole economy is going to grow by almost 7%. And Saudi is not a small country, it's a G20 country growing fast. So where is the potential in the world today? It's in Saudi Arabia. And if you want to miss it. I believe other people in the East are going to be super happy to see it. With 12 percent of the world's oil needs, the second largest proven oil reserves, two of the biggest sovereign wealth funds in the world etc. So what made that (is that) each generation of Saudis comes, and keeps building on it, and invest in it and evolve it for the future, as Americans (did) in the past 300 years.


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