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Washington: Saudi Arabia’s Openness will Lead the Region to a Promising Future

Washington: Saudi Arabia’s Openness will Lead the Region to a Promising Future

Thursday, 26 October, 2017 - 08:30
People attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017. The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. Fayez Nureldine / AFP

US Treasury Secretary Steven Mnuchin said on Wednesday that Saudi Crown Prince Mohammed bin Salman’s policy of openness and moderation would lead the region to a promising future.

Mnuchin was speaking on Wednesday during the Future Investment Initiative Conference, hosted by Riyadh.

He stressed that Saudi Arabia was the “most important partner in the region in combating the financing of terrorism,” adding that the Kingdom has banned associations that support terrorism and target those who fund al-Qaeda, Hezbollah and Taliban.

Mnuchin said that he came to Riyadh to celebrate the opening of the Terrorist Financing Targeting Center, which is co-chaired by the US and the Kingdom.

“The establishment of the center is a step forward to stop the funding of terrorist organizations,” he said.

“We have assigned individuals and parties to deal with the IRGC, the Iranian support for terrorist organizations, and human rights violations in Iran.”

Meanwhile, during the second day of the Investment Future Initiative in Riyadh, officials and economic experts discussed the future of capital investments, especially as the world entered a new era of sovereign wealth.

“We have entered a new era in the world of sovereign wealth. We can talk about the Saudi Public Investment Fund, which we are promoting with a range of investments that cover a wide spectrum of opportunities,” said Yasser Al-Rumyan, CEO of the Saudi Public Investment Fund (PIF).

He pointed out that the PIF not only looks at traditional investments, but also at some developmental investments, and seeks to keep apace with latest changes in the world.

Khalid Al Rumaihi, Executive Chairman of the Economic Development Board and Chairman of the Bahrain Property Investment Committee, said: “We do not just look outside the market, but at the market itself. For example, the Saudi Public Investment Fund, which explores opportunities in major cities and the development of the national economy, can do so on a commercial basis.”

Khaldoun Al Mubarak, CEO of Mubadala Investment Company, said: “There is confidence within sovereign funds clubs. There are relationships that go back to 20, 30 and 40 years. We also have funds operating in Europe, North America and elsewhere.”

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