King Abdullah says Saudi economy is strong

November 29, 2008

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz offered reassurance that Saudi Arabia’s economy is in good condition and that its sovereign wealth funds are safe, despite the global financial turmoil.


In an interview published today in the Kuwaiti newspaper Al-Siyassah, King Abdullah stated, "Our country’s economy is solid and strong. Our people need to be assured and aware of that."

The King chided the media for creating "a fearful atmosphere" among investors in the Kingdom. He expressed confidence that the "unjustified panic" will soon "vanish away."

Addressing falling oil prices, King Abdullah stated, "We believe that the fair price of oil is $75 per barrel."

King Abdullah also praised the success of the interfaith dialogue conference held at the United Nations from November 12-13. The King said he was pleased by the many positive responses he has received regarding his initiative. "All of us want peace, stability, security and the safety of our peoples and nations," noted the King. "Moreover, we have much more in common to unite us and less to divide us."