ECONOMY

Saudi Arabia to host G20 Summit in November 2020 in Riyadh

Saudi Arabia's Crown Prince Mohammed bin Salman greets Argentina's President Mauricio Macri during his arrival at the G20 Summit in Buenos Aires last year. (File photo: Reuters)

Saudi Arabia announced it will host the G20 Summit in November next year in the capital Riyadh.

The two-day summit in Riyadh will be held on Nov. 21-22, 2020, in what will be the first G20 meeting to be hosted in the Arab world.

The final communique of the G20 summit last year in Buenos Aires, Argentina, confirmed that the summit will be held in Japan in 2019, while Saudi Arabia will host the summit in 2020.

“Saudi Arabia looks forward to hosting the Summit in 2020. Chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Group of Twenty is a premier forum for international economic cooperation. Collectively, the G20 countries represent two-thirds of the world's population, 85 percent of its economy, and 75 percent of international trade,” a statement on Saudi Press Agency (SPA) read.

In the run-up to the summit in 2020, Saudi Arabia will host preparatory ministerial meetings as well as meetings for senior government officials from G20 members and for representatives of international organizations, the private sector, and civil society.

“Saudi Arabia is undergoing major economic and social transformation guided by its Vision 2030, which is closely aligned with core G20 objectives of achieving macroeconomic stability, sustainable development, women empowerment, enhanced human capital, and increased flow of trade and investment,” a statement from the G20 Troika, a three-member country committee chaired by Japan, the current summit presidency, said at the time.

“Working in close cooperation with G20 members and other relevant stakeholders, Saudi Arabia said it looks forward to a successful Presidency where it will play a leading and constructive role in contributing to a positive and sustainable impact in our region and the world at large,” the statement added.

G20 world leaders met for the first time in 2008 with their mission at the time focused on rescuing the global economy from the worst financial crisis in more than 70 years.

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Last Update: Wednesday, 17 April 2019 KSA 20:54 - GMT 17:54
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