Prince Turki Al-Faisal, the Saudi Ambassador to the United Kingdom and Ireland pointed out that the Kingdom of Saudi Arabia is a major and important economic power in the Middle East.
Addressing the Symposium entitled "The Middle East, Commercial Diplomacy, Power for Achievement of Prosperity in the Region", which ended here today, Prince Turki noted that the Kingdom has the biggest banking sector, stock exchange and economy in the region, adding that the Kingdom is the biggest exporter and importer in the Middle East, as well as the biggest oil exporting country. It also has the largest proven oil reserves in the world.
Prince Turki noted that the Kingdom's economy ranks 25th among the biggest economies in the world. The Kingdom's gross domestic product forms one-fifth of the gross domestic product of all of the Middle East countries. The Kingdom has 25 percent of the volume of trade between Arab countries. Its annual 7 percent economic growth rate is considered the biggest in the region.
He indicated that the Kingdom's stock exchange was 11th among international stock markets. Nearly 2 million Saudi citizens have invested their money in the Saudi stock exchange, which undertakes £1.7 billion daily transactions.
Prince Turki stressed that the Saudi economy has been continually prospering due to the introduction of new laws to promote investment opportunities, in addition to the launching of initiatives to promote non-oil exports .
He noted that a number of governing bodies have been set up to speed up the economic reform process.
According to an official study, the value of investment projects in the Kingdom will reach $624 billion over 15 years, he said and added that these economic projects are open to local, regional and international investments. He pointed to the Land Bridge project announced by the Saudi Railway Authority in London last February.
Prince Turki also reviewed the successful efforts exerted by the Custodian of the Two Holy Mosques King Fahd bin Abdulaziz in the development and reform of education.
He also noted that the Cabinet has issued a plan to provide more job opportunities for women.
On relations between the Kingdom and Britain, he said that the Kingdom has been Britain's biggest trade partner in the Middle East and Britain has invested $3.5 billion in the Kingdom.
In reply to a question about terrorism, he said that the Kingdom has been successful in combating terrorism and the Saudi security forces have had more information on terrorists. He also praised cooperation between Saudi citizens and security men in hunting down the terrorists.
He indicated that the Kingdom hosted the International Counter-terrorism Conference in Riyadh earlier this year and proposed the setting up of the International Counter-terrorism Center.
The Minister of Social Affairs, Abdulmohsin Al-Akkas, then reviewed, in his speech, the modernization and development of the Saudi society over the last few years, affirming that the Kingdom has succeeded in making great changes in economy and society at all levels without infringing on the society's safety, stability and values.
As many as 250 ministers, officials, economic experts from Arab countries, Britain, the United States of America, the European Union and other countries took part in the symposium.
