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Saudi finance minister: Gulf countries will benefit in the next 6 years

Saudi Finance Minister Mohammed Al-Jadaan [ArabianBusiness.com/Twitter]
Saudi Finance Minister Mohammed Al-Jadaan, 20 November 2017 [ArabianBusiness.com/Twitter]

Saudi Finance Minister Mohammed Al-Jadaan said today that the countries of the Arab Gulf region will benefit in terms of growth and revenues over the next six years.

Al-Jadaan added in his speech on the second day of the Future Investment Initiative in the Saudi capital, Riyadh, that the countries of the Middle East will face difficulties over the coming period, and that "The Gulf countries should help them."

Most of the Arab Gulf countries enjoy the abundant financial income, due to the large reserves of fossil energy sources, with Saudi Arabia being the largest exporter of crude oil in the world with a daily average of 7.4 million barrels, and Qatar, the largest exporter of liquefied natural gas globally with more than 77 million tonnes annually.

Al-Jadaan added: "It is difficult to predict what is going on globally, but circumstances will be different due to the Russian-Ukrainian war. We must work on creating more cooperation and synergy so that there is stability."

He pointed out that one of the biggest difficulties countries face is the rise in debt. "We are working with international institutions to gather support for countries in the region."

The 6th Edition of the Future Investment Initiative Conference launched in Saudi Arabia ends tomorrow.

READ: US officials not invited to Saudi investment conference, says organiser

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