Saudi Crown Prince arrives in Australia for G20 summit

Saudi Arabia’s Crown Prince Salman bin Abdulaziz arrives in Australia. (Al Arabiya)

Saudi Arabia’s Crown Prince Salman bin Abdulaziz arrived in the northern Australian city of Brisbane on Thursday, joining world leaders for the G20 summit.

Leaders of G20 countries this year will discuss economic growth, employment and ways to avoid financial shocks.

“Observers attach great importance to the Kingdom of Saudi Arabia's effective contribution to the summit by supporting the global economy and further achievement of its stability cherished by the states and their citizens,” the Saudi press agency said in a statement.

Saudi Arabia has the second-largest sovereign investments fund in the world, and the largest one at Arab world.

Besides, the Saudi Arabian Monetary Agency contains Kingdom's assets distributed around the world, including emerging and developed markets alike. According to SPA, this gives the Kingdom's investment decisions an exceptional importance.

The Kingdom has also one of the largest cash reserves in the world, and Saudi Arabian Monetary Agency announced last April that its available cash reserves rose by 17 percent amounting to SR 2.54 trillion ($680 billion) which is one of the highest levels in the world.


Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42