SAUDI ARABIA has been participating in the G20 Summit since the 2008 Washington meeting during the global financial crisis, when the Kingdom’s economic importance was highlighted.
The Kingdom has the tenth largest sovereign wealth fund in the world and the second largest oil reserves after Venezuela.
Its entry into the G20, which includes the world’s largest and fastest-growing economies, has increased its influential role in the global economy as a solid industrial and financial base.
In June 2010, the G20 Summit was held in the Canadian city of Toronto, during which King Abdullah addressed the leaders, stressing that the meeting must be in line with developments in the world economy’s map and must respond to the need for a more representative group of the economies.
The Kingdom has taken several measures in the field of monetary policy, financial sector, and trade, which helped reduce the impact of the global financial crisis and enhance the performance of the Saudi economy.
According to the summit’s documents, the Kingdom’s membership in the G20 is a result of its crucial importance as a source and a pricing force in the world’s energy markets.
G20 and Vision 2030
According to analysts, the Kingdom has gained other members’ confidence after the economic and social transformation brought about by the Kingdom’s Vision 2030, which is in line with the G20’s priorities.“Saudi Arabia is undergoing major economic and social transformation guided by its Vision 2030, which is closely aligned with core G20 objectives of achieving macroeconomic stability, sustainable development, women empowerment, enhanced human capital, and increased flow of trade and investment,” said a statement from the G20 Troika, a three-member country committee chaired by Japan, holder of the current summit presidency.Saudi Arabia began the development of the King Abdullah Financial City in Riyadh with an area of 1.6 million sq. meters to form one of the world’s major financial centers.
G20 presidency
Saudi Arabia will host the G20 Summit in its capital Riyadh next year. The two-day summit will be held on November 21-22, 2020, in what will be the first G20 meeting hosted in the Arab world.“Saudi Arabia looks forward to hosting the Summit in 2020. Chaired by the Custodian of the Two Holy Mosques King Salman, the summit will be a premier forum for international economic cooperation. Collectively, the G20 countries represent two-thirds of the world's population, 85 percent of its economy, and 75 percent of international trade,” an official statement on the Saudi Press Agency (SPA) said.In the run-up to the summit in 2020, Saudi Arabia is hosting preparatory ministerial meetings and meetings for senior government officials from G20 members, representatives of international organizations, the private sector and civil society. — Al-Arabiya English
