Saudi Arabia hands over G20 presidency to Italy

Saudi Arabia’s G20 Sherpa Abdul Aziz Al-Rasheed hands over the honorary gavel to Valerio De Parolis, charge d’ affaires at the Italian Embassy in Riyadh on Monday. (Supplied)
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Updated 26 April 2021
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Saudi Arabia hands over G20 presidency to Italy

  • Saudi Arabia presided over the G20 summit during a year challenged by the coronavirus disease (COVID-19) pandemic

RIYADH: Saudi Arabia on Monday handed over the honorary gavel of the G20 Presidency to Italy at a ceremony held at the Italian Embassy in Riyadh.

The tradition to pass on the gavel to the country presiding over the annual meetings began during China’s G20 Presidency in 2016. These gavels are used at the Sherpa meetings by the chair to open and close the proceedings.

Italy will chair this year’s G20 leader’s summit on Oct. 30-31.

After handing over the gavel to the Italian diplomat, Saudi G20 Sherpa Abdul Aziz Al-Rasheed said the Kingdom greatly values its partnership with Italy.

Commending the Italian G20 Presidency’s efforts, he said: “We are determined to support our Italian partners in delivering a successful and impactful summit. We look forward to continuing our active engagement in the upcoming G20 meetings and further develop the Italian-Saudi partnership in 2021 and beyond.”

The Kingdom presided over the G20 summit during a year challenged by the coronavirus disease (COVID-19) pandemic, he said.

“Saudi Arabia remains committed to continuing working in the same spirit of cooperation and solidarity with the Italian presidency for strong sustainable and inclusive growth.”

Besides being a G20 member, the Kingdom is also a troika member: A three-member country committee chaired by Italy, the current presidency; Saudi Arabia, the outgoing presidency, and Indonesia, the future presidency in 2022 to ensure that G20 presidencies work hand-in-hand to achieve consistency and continuity of the group’s agenda.

 


The founding economy: A blueprint for stability in the First Saudi State

Updated 11 sec ago
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The founding economy: A blueprint for stability in the First Saudi State

  • The establishment of the First Saudi State created a secure environment that facilitated the arrival of caravans, secured vast trade routes, and revived commerce across the Arabian Peninsula

RIYADH: The economy during the founding stage of the First Saudi State served as a fundamental pillar in building the nation, consolidating its influence, and ensuring its stability. This early economic growth was inextricably linked to achieving security, unifying regions, and organizing society—factors that directly stimulated trade, stabilized markets, and enhanced the foundations of daily life in Diriyah and its surrounding areas.
According to Dr. Abdullah Al-Saleh Al-Othaimeen's "Diriyah: Origins and Development during the First Saudi State," published by the King Abdulaziz Foundation for Research and Archives (Darah), the founding economy stands as a historical model reflecting the reciprocal relationship between political stability and early economic prosperity.

Beyond its political and intellectual prominence, Diriyah emerged as a vibrant economic hub. (SPA)

The establishment of the First Saudi State created a secure environment that facilitated the arrival of caravans, secured vast trade routes, and revived commerce across the Arabian Peninsula.
Beyond its political and intellectual prominence, Diriyah emerged as a vibrant economic hub. Its active markets attracted merchants and students from across the region, all of whom benefited from the state-provided stability. The local society relied on diverse activities for its livelihood, including trade, agriculture, and livestock breeding, with horses and camels playing crucial roles in transportation, commerce, and securing roads.
The social and administrative organization upon which the state was founded ensured the continuous availability of goods and sustained market stability. Ultimately, the close relationship between public security and economic growth during this founding phase solidified Diriyah's position as a premier political and commercial center in the Arabian Peninsula.