Saudi Economy Minister: Stability in Middle East Is Imperative for Global Growth

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
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Saudi Economy Minister: Stability in Middle East Is Imperative for Global Growth

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim stressed on Monday that the Kingdom is looking forward to working with the second Trump administration, as Riyadh has worked with previous ones.

“We look forward to working with the second Trump administration... to address and counter some of the global challenges we’re facing, including the tepid economic growth that we are witnessing as a global community today,” he said from the World Economic Forum (WEF) in Davos.

The minister then noted that any step towards peace in the Middle East is a positive one, with stability in the region “imperative” for global growth.

In an interview with Bloomberg television, Alibrahim said the Kingdom and the US have long-standing strong relations that have spanned eight decades. “It has been strong regardless of which administration was in office,” he underscored.

“We are here today to work together for global prosperity,” he said, adding that, “any step towards peace is a positive progress step. We in the Kingdom have always called for laying a clear and universal path towards more peace, more stability.”

Also, Alibrahim said the Kingdom is always focusing on fostering more global dialogue.

“We’ve been invited to the BRICS, similar to how we’ve been invited to many other multilateral platforms in the past historically,” he said. “We assess many different aspects of it before a decision is made and right now, we are in the middle of that.”

He added that Vision 2030 is Saudi Arabia’s program to a long-term restructure of the economy. “Vision 2030 is on track and moving with a lot of momentum,” the minister stressed.

The Kingdom’s focus-areas is building more human capital potential and having human-led growth, he noted.



Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
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Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 

Saudi Minister of Finance Mohammed Al-Jadaan has called for the development of methods to measure gross national income (GNI) that better reflect the true realities of economies, especially in emerging countries.

During a panel discussion at the World Economic Forum in Davos, titled “New Approaches to Measuring GDP Growth,” Al-Jadaan emphasized the need for international institutions to adopt unified and robust standards for measuring national income.

He noted that achieving this objective requires designing collaborative programs with various countries to enhance data accuracy and analyze it in a more comprehensive manner.

The minister pointed out that traditional methods for measuring GDP might no longer suffice in the current global context, urging the adoption of new tools and standards capable of measuring economic growth in line with the rapid global changes.

Al-Jadaan stressed that improving measurement mechanisms would boost the efficiency of international institutions in providing support and advice, foster sustainable development in emerging economies, and contribute to achieving economic equity on a global scale.