ECONOMY

Saudi Arabia to host G20 summit meetings in 2020

Saudi Arabia's Crown Prince Mohammed bin Salman is welcomed by Argentina's President Mauricio Macri as he arrives for the G20 leaders summit in Buenos Aires. (Reuters)

The final communiqué of the G20 summit, which was held in in Buenos Aires, Argentina, confirmed that the summit will be held next year in Japan, while Saudi Arabia will host the summit in 2020.

Saudi Arabia plays an important role in stabilizing the global economy and is a key player in the stability of oil markets globally.

Riyadh, the world’s largest oil exporter, produced 10.7 million barrels per day in October, accounting for more than 10 percent of world production, and boasts the largest weight among OPEC.

The Kingdom’s appeal has grown after the launch of Saudi Vision 2030, which aims to diversify the economy by implementing ambitious reforms that have attracted the attention of global investors.

Saudi Arabia ranks third among the G20 countries in terms of foreign reserves, with $ 507.2 billion (1.9 trillion riyals), after China and Japan.

Click on the image to read the G20 2018 final communique:

buenos_aires_leaders_declaration.pdf

According to IMF and World Bank data and local statistics agencies, the total foreign reserves of the G-20 countries (excluding the EU bloc) are around $ 7.9 trillion at the end of October.

Saudi Arabia’s foreign reserves account for 6.4% of the Group’s total reserves.

In a related context, Argentinian President Mauricio Macri on Saturday said he would discuss potential investment ideas with Saudi Arabia.

Saudi Arabia’s Crown Prince Mohammed bin Salman met with several world leaders throughout Saturday including Russian President Vladimir Putin, United Nations Secretary General António Guterres, Italian Prime Minister Giuseppe and Argentinian President Mauricio Macri.

The G20 meetings in Argentina ended on Saturday evening, after leaders agreed to reform the World Trade Organization (WTO).

Leaders focused on the future of employment, infrastructure, sustainable development and food security, the statement said.

The statement included the leaders’ commitment to an open and flexible financial system based on agreed international standards, finalization of the agreed financial reform agenda and an assessment of its impact.

“We will continue to monitor and, if necessary, address the risks and weaknesses arising in the financial system,” the statement said.

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Last Update: Sunday, 2 December 2018 KSA 23:24 - GMT 20:24
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