Al-Falih: Saudi riyal remains stable amid global changes

RIYADH — Khalid Al-Falih, the Minister of Investment of Saudi Arabia, has emphasized the reliability of both the country's monetary policies and its currency.

"The Saudi riyal was the only currency in the world that did not experience volatility, and this is due to the prudent economic policies implemented by the Kingdom of Saudi Arabia, which maintained the currency's stability. "The debt rate in the entire world economy, including the major countries, is increasing, while the debt rate in the Kingdom lowers to 25 percent," he stated while addressing the Saudi Budget Forum 2023 in Riyadh on Sunday. The forum is scheduled to take place in 2023.

Al-Falih referred to the budget of Saudi Arabia as "historic," particularly in view of the difficulties that the globe is currently experiencing.

According to the minister, the rate of economic expansion in the Kingdom is currently the highest in the entire world. In response to those who claim that the expansion of the Saudi economy can be attributed to nothing more than the increase in the price of oil, he pointed out that the non-oil sector expanded at a rate of 6%.

Al-Falih applauded the stability that has been observed by the Kingdom in terms of legislation and policies, as well as the empowerment of the private sector.

The fact that spending has increased by 9 percent and that there is a surplus is something that he described as "rare" at the level of global economies, particularly in light of the consequences of the coronavirus crisis and the economic shocks that were experienced by the countries of the world in its aftermath. He made this point clear.

According to him, what the investor is looking for all around the world is political stability and a clear vision. "Investment opportunities exist in a great number of different fields around the Kingdom. According to him, "what we concentrate on are investments that will have a very significant effect on the economy."

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