Saudi Gazette report

RIYADH — Minister of Investment Khalid Al-Falih reaffirmed that the United States is a strong ally of Saudi Arabia and that the bilateral relations between the two countries are solid and historical. “We will overcome the recent tensions between the two countries. Since 80 years ago, plenty of water passed under the bridge,” he said while addressing a dialogue session during the inaugural day of the Future Investment Initiative (FII) conference here on Tuesday.

Al-Falih said that Saudi Arabia is a friend of everyone, and it has incredible relations with major countries of the world such as the United States, China, and the United Kingdom. “We have strong historical relations between the two countries whether at the level of the two peoples or at the level of leaders, institutions, and companies, and we will overcome the recent tensions,” he said.

The minister noted that Saudi Arabia is in an excellent position compared to Europe, Africa, or even the Middle East markets. “The economic situation in the Kingdom is among the best in the world, and it is in the right position. We have energy reserves and we have an industrial and mining strategy to privatize minerals, and we have strong international relations and partnerships,” he said.

The Kingdom’s easy access to global markets makes it in a good position to deal with the turmoil in supply chains globally, Al-Falih said while confirming that Crown Prince and Prime Minister Mohammed bin Salman is aware of this and thus launched last Sunday the Global Supply Chain Resilience Initiative (GSCRI).as a huge program to strengthen supply chains and enhance the Kingdom’s role as a global supplier in cooperation with the Kingdom’s partners.

A number of senior US financial officials are participating in the FII conference despite the recent disagreements between the two countries following the decision of the OPEC+ countries to cut oil production by two million barrels per day from November.

The White House escalated its war of words against Saudi Arabia following the oil decision and US President Joe Biden threatened “consequences” on the Kingdom due to its role in reducing crude oil production despite the objections of his administration. On the other hand, the Kingdom, the largest oil producer in the world, insists that the decision is related to economic aspects and has nothing to do with political matters.

The sixth edition of FII, powered by the Future Investment Initiative Institute started on Tuesday. The world’s foremost CEOs, policymakers, investors, entrepreneurs, and young leaders are taking part in the three-day event.

“Invest in Humanity: Enabling a new global order” is the theme of the conference. This year’s FII includes in-depth conversations about new pathways for global investment; analysis of critical industry trends; and unparalleled networking among CEOs, world leaders, and experts. Economic opportunities abound across every continent but supply shocks, inflation, global energy crisis, and geopolitical conflicts present deep challenges.

The conference focuses on three pivotal areas such as understanding the new world order in which humans live, the most important risks and opportunities arising from or generated by the new world order and helping people understand the new frontiers ahead.