King Abdullah says Saudi policies will help world economy

April 4, 2009

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz told Britain’s First magazine last week that Saudi Arabia will continue adopting economic policies to ensure domestic growth and to play a constructive role in the global economy. The King was in Britain to attend the G-20 economic summit.

According to the article, "Optimism and Resolve," published today in Alsharq Alaswat newspaper, King Abdullah stressed that the Kingdom will keep providing aid to developing nations. Furthermore, it will continue playing its role in achieving stability in oil markets. "Despite the negative effects of the crisis on world demand for oil and on its future prospects and the sacrifices that represents, we have continued our huge investment program to increase our output capacity," he said.

King Abdullah warned against increased protectionism and called on countries to remain committed to free trade. He also stressed the need for "convincing reform of the financial sector in the affected countries" in order to avoid a recurrence of the economic turmoil.

Commenting on the state of Arab economies, King Abdullah remarked, "Without a comprehensive and just peace in the region, there will be no meaning for talking about stability and economic growth and the development process will not take place." He castigated Israel for not accepting the Arab Peace Initiative he put forward in 2002.