Saudi Arabia has always delivered stability in turbulent times
The G20 is the world’s largest economic bloc, which not only draws on the strategic features of the global economy but also sets future plans.
Saudi Arabia holds the presidency of the organization this year. Though the pandemic has forced its annual summit to become a virtual event, this has not stopped the Kingdom from leveraging its potential as the most exceptional summit in many years, despite circumstances that are among the most dangerous in history.
As a result, Saudi Arabia has ensured the summit will be of great influence and importance both for the Kingdom and the world.
The Saudi leadership of the G20 this year follows a long history of the nation helping to deliver stability in turbulent times, never more so than in recent years. The Kingdom has helped to steer the direction of OPEC+ oil producers, and is about to enter the fifth year of a unique pact among producers with a great historical consensus and high compliance rates.
When Saudi Arabia hosts the summit of the 20 largest economies this weekend, it will be presiding over the most important gathering in the history of the G20, an organization whose members represent 66 percent of the world’s population, 85 percent of the global economy, and 75 percent of world trade.
During its presidency, Saudi Arabia has insisted on translating commitments and pledges by the leaders of member nations into real-world actions. This has resulted in decisive solutions and bold action plans that will enhance the global recovery from the pandemic.
Through its presidency of the G20, the Kingdom has helped to overcome the health and economic challenges the world is facing. These cannot be managed by countries working in isolation — there is a need to work together while respecting different points of view, customs and traditions.
During the pandemic, Saudi Arabia has provided its citizens and residents with things that no other member of the G20 has provided. It has exemplified the concept of humanity to the world and set an example for others to follow, despite a health crisis that has caused economic shock waves affecting the whole world.
Riyadh’s presidency of the G20 this year was a recognition of its economic and political strength at the global level.
Riyadh’s presidency of the G20 this year was a recognition of its economic and political strength at the global level. The Kingdom has also proven its ability to provide support and assistance to the world in a number of situations related to international peace and security.
Its presidency and participation in the work of the G20 has not only been in accordance with established protocols, but Saudi Arabia has also left a lasting impression of its leadership, especially with how it reacted to the emergence of the COVID-19 pandemic.
At home, the signs are positive that the Kingdom’s strategy of diversifying its sources of income is proceeding according to plan. Its ambitious vision for the future has been able to create diversity, and many targeted sectors — including tourism, telecommunications, retail, manufacturing and construction — are experiencing growth and offering other encouraging future indicators.
Meanwhile, the programs and initiatives contained within Saudi Vision 2030 continue to make vital contributions to strengthening governance and transparency within the country, while developing policies and procedures. It has also filled some gaps, as a result of which corruption can be eliminated, performance can be measured and government agencies can be restructured. These are great achievements for the ongoing economic reforms.
The Kingdom has shown an ability to implement its strategy, and if it were not for the pandemic we would have seen record numbers achieved in those sectors well within the strategy’s timeline.
This indicates that such positive results, based on the reality of the Kingdom’s economy, are in line with the findings of international research centers and already exceed many expectations.
- Faisal Faeq is an energy and oil marketing adviser. He was formerly with OPEC and Saudi Aramco. Twitter:@faisalfaeq