Aramco President: Vital Role of Oil, Gas to Continue

Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
TT

Aramco President: Vital Role of Oil, Gas to Continue

Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed

Amin Nasser, President and Chief Executive Officer of Aramco, has called on the world not to disregard investment in the oil and gas industry because it will continue to play a vital role throughout the upcoming decades.

During the first session of Future Investment Initiative on Tuesday, Nasser expressed delight that the kingdom has hosted this huge forum, the first of its kind in the region, which embodies ambitions of Saudi Arabia to be the pioneering investment power worldwide in a way that serves economic diversification.

He added that Aramco is proud of its significant role in achieving the objectives of Saudi Vision 2030, which encompass supporting economic diversification and the private sector and seeking to become the pioneering global company for energy and petrochemicals.

Aramco techniques focus on facing challenges of climate change and Carbon emissions by developing super clean fuel, he continued, not to mention the company’s efforts to enhance energy sector efficiency through nationalization and expansion in the renewable energy field.

“As the world – and Aramco – focus on technique, innovation and challenges of the future, thinking must be rational and the world must not neglect investment in oil and gas industry because it will continue to play a vital role during the upcoming decades," Nasser stated. 



SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)
TT

SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)

Saudi Central Bank (SAMA) Governor Ayman Al-Sayari emphasized the Kingdom’s pivotal role in sustaining global economic recovery and maintaining financial stability. He also highlighted Saudi Arabia’s active participation in addressing key issues during Brazil’s presidency of the G20 Summit.

In a statement to the Saudi Press Agency (SPA), Al-Sayari affirmed the Kingdom’s commitment to achieving the summit’s goals and strengthening multilateral cooperation to tackle challenges such as slow growth and rising global debt levels.

Al-Sayari noted that Saudi Arabia’s participation in the G20 reflects its efforts to promote its own interests while contributing to global economic stability, particularly for regional economies. As the only Arab member of the group, Saudi Arabia seeks to leverage its position to enhance global financial resilience.

He recalled the Kingdom’s leadership of the G20 in 2020, during which it prioritized measures to accelerate global economic recovery, foster financial inclusion, ensure financial stability, and assist low-income countries in mitigating the impacts of the COVID-19 pandemic.

Key issues currently under discussion include the slow global economic growth, high inflation rates, rising global debt, and disparities in economic policies among nations.

Al-Sayari highlighted the importance of the G20’s Common Framework for Debt Treatments, a key initiative launched during Saudi Arabia’s presidency of the group. The framework aims to alleviate the debt burden of the world’s most vulnerable countries, a concern that has grown more pressing as sovereign debt levels reach unprecedented heights.

The governor underscored the alignment between the objectives of Saudi Arabia’s Vision 2030 and the G20’s goals, particularly in fostering financial stability and sustainable development. This includes initiatives to develop financial markets, mitigate risks, adopt global best practices, and ensure the financial sector’s stability while expanding its services and products to support the transition to a sustainable economy.

Moreover, Al-Sayari pointed out ongoing efforts to enhance the fintech sector through updated regulatory frameworks and improved guidelines. The Kingdom also aims to increase financial inclusion and awareness by providing individuals and businesses with access to licensed financial services, ensuring consumer protection, and promoting fairness and transparency in financial transactions.