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March 7, 2021

82 years since the birth of the Kingdom of Saudi Arabia: Saudi Arabia, influential role for economic stability regionally and globally

On 23rd of September 1932, history recorded the birthdayof the Kingdom of SaudiArabia. This came as a result of along and hard struggle led byKing Abdulaziz bin Abdulrahmanal Saud within a period of 32years after recapturing Riyadhcity. When the modern Kingdomwas established, the ArabianPeninsula was an agriculturalsociety that depended on farmingand commerce – especiallydate exports and trade generatedby pilgrims coming to Makkahand Madinah. It lacked the infrastructure needed to supportthe kind of economic growthenvisioned by its founder, KingAbdulaziz bin Abdurrahman AlSaud. The discovery of oil incommercial quantities in 1938changed that. Soon after WorldWar II, steady oil exports providedthe funds to build a basicinfrastructure of roads, airports,seaports, schools and hospitals.In 1970, Saudi Arabia introducedthe first of a series ofongoing five-year developmentplans to build a modern economycapable of producing consumerand industrial goods thatpreviously had been imported.The country’s infrastructureexpanded, allowing industryand commerce to flourish.At the same time, thenational oil company, Aramco,invested in new productionfacilities, pipelines, plants andshipping facilities and continuedexploring for new depositsto maximize earnings from theoil sector, which were needed tofund further growth. The resulthas been a steady economictransformation of the country.Today, Saudi Arabia is one ofthe fastest developing countriesin the world.The Kingdom of SaudiArabia leads an important andinfluential role in the internationalefforts to achieve globaleconomic stability. The formulationof a global economic systemcontributes to the G20 goalof promoting strong growth,which is balanced and sustainablein the context of preservingthe interests of all countries,developed and developing alike.Saudi Arabia takes into accountthe interests of oil producing andconsuming countries by retainingadditional production capacityto meet the increasing globaldemand.Saudi Arabia is the largest freemarket economy in the MiddleEast and North Africa holding25% share of the total Arab GDP.The Kingdom’s geographic locationprovides easy access toexport markets in Europe, Asiaand Africa. Saudi Arabia is fullycommitted to increasing privatesector participation in economicgrowth, privatization is a key elementof the Kingdom’s economicliberalization; electricity, airlines,postal services, railways, portservices and water utilities aresome of the potential areas forinvestment .The Kingdom seeks for peacein the Middle East and tries tofight terrorism. Saudi Arabiahas donated $100 million for theUnited Nations Counter -Terrorism Centre (UNCTC) at aspecial event staged in the officeof the UN Secretary-General atthe organization’s headquartersin New York.Saudi Arabia provides supportfor each humanitarian caseand seeks to achieve sustainabledevelopment in many poorcountries, regardless of religionor ethnicity for example.Here are some of the aidsoffered by the Kingdom of SaudiArabia in this year:August 18, 2014- SaudiArabia announces $1 millionadditional aid to PalestineAugust 13, 2014 -SaudiArabia donates $100 million tothe U.N. Counter-TerrorismCentreAugust 6, 2014-SaudiArabia donates $1 Billion toLebanese Security Services toCombat TerrorismJuly 1.2014- 500 milliondollars in humanitarian aid toIraqJuly 13, 2014-King Abdullahissues directive to providePalestinian Red Crescent with$53 millionJune 4, 2014-Kingdom pays6 months of rent for 1,000 displacedSyrian families inLebanonMay 26, 2014-IslamicDevelopment Bank signs $2 billionsustainable developmentagreement with KazakhstanMay 13, 2014-Work beginson $270 million Saudi-fundedroad in JordanMarch 9, 2014-TheKingdom gives India’s HamdardUniversity $5 million in aidMarch 5, 2014-Saudi Arabiadonates $1 million to UNHuman Rights CommissionJuly 9.2013-5 billion dollars financial aid for supporting the Egyptian economy Today, the worldwide communityof Muslims, whichembraces the people of manyraces and cultures, numbers wellover one billion. Saudi Arabiahas occupied a special place inthe Islamic world, for it istowards Makkah and Islam’smost sacred shrine, the Ka’abah,located in the Holy Mosquethere that Muslims throughoutthe world turn devoutly inprayer five times a day.

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