The new leadership in the Kingdom on Friday assured its adherence to current economic policies, with the Council of Saudi Chamber (CSC) and the Riyadh Chamber of Commerce and Industry (RCCI) expressing confidence they will take economic developments to new highs.

Notably, based on speculations, oil prices in international market shot up sharply following the announcement of the demise of King Abdullah even as Custodian of the Two Holy Mosques

King Salman pledged to continue with the current policies.

In his address following the death of King Abdullah on Friday morning, the new king pledged, “we will continue to adhere to the current policies of the government, to ensure stability and unity in the Kingdom.”

King Salman also issued a royal decree regarding continuation of all current members of the cabinet, including Minister of Petroleum and Mineral Resources Ali Al-Naimi in his post, bolstering assurances that he will continue the policy of maintaining crude output to preserve the market share even as oil prices have gone up temporarily due to speculation in the market following the news of King Abdullah’s death that came amid some of the biggest shifts in oil markets in decades.

Earlier, oil prices have fallen by almost 50 percent since peaking in June due to soaring supplies of shale oil from the United States, turning it from the world's biggest oil importer to a leading producer.

Exuding hope that all reforms and economic policies will continue to lead the Kingdom with ongoing rapid development Abdulrahman Al-Zamil, CSC chairman, said: “I am sure King Salman will continue economic reforms and policies and also adhere to political decisions to usher in a new era of economic development.”

RCCI Secretary General Mohammed Al-Kathiri expressed confidence that the new leadership will continue with the ongoing economic developments and reforms for the benefit of the citizens.