Fawaz Alamy, Deputy Minister for Commerce and Trade Negotiator in WTO, has affirmed that the Saudi economy faces low risks this year, with the sovereign wealth in the kingdom totaling USD875 billion and Saudi Arabian Monetary Authority (SAMA) ranking sixth with a value of USD515 billion.
Amid fluctuations of oil global prices, growing world trade tension and the increase of sovereign debts, the Saudi economy is making huge progress, Alamy told Asharq Al-Awsat newspaper.
He noted that the outcome is as follows: The Saudi economy credit rating was fixed with a stable outlook, which means that the economy enjoys high commitments and low risks.
Alamy added that the economy ranked second in reforms, ninth in terms of entrepreneurship strength, tenth in protecting shareholder minority, 24th in registering intellectual property and 39th in global competitiveness.
He lauded giant projects such as Neom, Qiddiya, King Salman Energy Park (Spark), and Amaala resort for being implemented with specific objectives such as increasing local content and improving local tourism.
Alamy hailed that the kingdom is rich with around 2,433 mineral resources sites, worth more than SAR5 trillion (USD1.3 trillion) in the global market. It owns 7 percent of the global phosphate reserves and 6 percent of uranium reserves. This makes the kingdom among the top ten uranium exporting states in 2020.
