The Kingdom has made remarkable achievements in terms of economic development, social welfare and urban advancement covering all regions, Al-Gosaibi said in a statement issued to the Saudi Press Agency on Friday.
Al-Gosaibi said economic reforms initiated by Custodian of the Two Holy Mosques King Abdullah enabled the Kingdom to successfully sidestep the global financial meltdown of 2008 and 2009.
“The Kingdom adopted long-term economic strategies, which in turn resulted in the current economic prosperity, social security and peace in the country,” the minister said, adding that the quality and living standards of the citizens have improved considerably.
The Kingdom’s sound and farsighted policies have also pushed up the country to become the top Arab economy providing the largest industrial platform, commercial sector and financial market in the Arab world in addition to positioning it in the front among world economies, the minister said in his statement.
“The Kingdom is placed among the 19 top world economies in terms of volume and potential and this is what paved the way for its entry into the G20 countries and participation in its summit meetings, in addition to be given the membership in the wider council for global economic stability. These are all proofs signifying the Kingdom’s high position both regionally and internationally besides affirming the soundness of its developmental path,” the minister said.
The minister also commended the economically sound and long-sighted strategies adopted by the founder, King Abdul Aziz, such as modern agricultural methods and development and preservation of water resources, oil exploration, construction of road networks and telecommunication systems, universal education and health care with the help of local and foreign expertise.
Laying the infrastructure for broad development and establishment of industrial and technological cities attracted more investments, employment opportunities and productivity in various sectors of the national economy, reinforcing the country’s economic power and competitiveness in local and foreign markets, he said.
