All eyes turn to the island of Bali in Indonesia, where the G20 Leaders Summit will kick off on Tuesday, with the participation of 19 countries, in addition to the European Union and the guests of honor.
Despite the challenges facing the agenda of the summit due to the unprecedented divisions over global developments, including the Russia-Ukraine war, the G20 member-states and other countries are counting on the international gathering to discuss global health, digital transformations, and the transition towards new or sustainable energy sources.
Experts point in this regard to the balanced role of Saudi Arabia, the only Arab country in the bloc that includes the 20 largest economies around the world, and controls 90 percent of global output.
Saudi Arabia is in fact the largest global oil exporter, and the leader of the most important and extensive alliance in the history of the crude oil industry since 2016. It also represents the largest Arab economy with a gross domestic product approaching 3 trillion riyals.
According to international reports, the Kingdom is competing today with the G20 countries in economic diversification, within Vision 2030, which aims to reduce its dependence on oil as a main source of revenue. Moreover, Saudi Arabia ranks fifth in terms of the foreign reserve assets of the Saudi Central Bank, with a value of $440 billion.
A report published by Bloomberg Agency at the end of the Future Investment Initiative forum, said that Saudi Arabia was witnessing its best economic times, as oil money flows to push it towards achieving the fastest growth rate in the countries of the group. The report described the Saudi economy in the wake of the Covid-19 pandemic as a bright spot in a world dominated by pessimistic prospects.
The Saudi active role within the Group of 20 was reinforced by the country’s hosting of one of the best versions of the G20 summits, during the Covid-19 pandemic, which cast a shadow on the world for two consecutive years.
Despite the health challenges that marked the year 2020, the Kingdom was praised for the successful organization and hosting of the international meeting at the level of experts, ministers, central bank governors and G20 presidents, before the Custodian of the Two Holy Mosques King Salman bin Abdulaziz presides over the G20 leaders’ meeting via virtual technology.
In addition, Riyadh has engaged in files of vital importance to the world, by mediating between the Russian and Ukrainian sides in the ongoing conflict, and launching global initiatives to address climate change and promote the transition to clean energy sources.
Karen Young, a researcher at the Center for Global Energy Policies, drew attention to the national visions embodied in Riyadh’s economic policies “away from political interests,” under the leadership of Crown Prince Mohammed bin Salman.
She was referring to the recent tension caused by the decision of the OPEC Plus group to reduce its oil production in November.
Young asserted that if Saudi Arabia “can protect its economy with the fluctuations in global demand for energy and oil, no one can prevent it from taking the lead in a different type of economic development.”
