Strong partnership of Saudi Arabia and US in ensuring energy market stability will be key factor in global economic recovery, says Prince Faisal bin Farhan

The “strong partnership” between Saudi Arabia and the US in ensuring energy market stability will be a key factor in global economic recovery, Prince Faisal bin Farhan, the Kingdom’s foreign minister, told a panel at the World Economic Forum in Davos on Tuesday.

Foreign Minister Prince Faisal Bin Farhan said that Saudi Arabia’s economy is going to be the fastest growing in the world this year through a very ambitious reform program Vision 2030.

The Kingdom is tackling all kinds of areas in the economy, such as unemployment, which has significantly gone down, also the labor force participation here is not only for women, Prince Faisal said, noting that these are all signals that even in a difficult part of the world you can be successful.

He said that what Saudi Arabia and others in region, especially GCC countries. are doing in addressing the challenges of their economy and investing in their countries, and focusing in developing it rather than geopolitics, is a strong signal to Iran and others in the region that there is a pathway beyond the traditional arguments and traditional dispute towards joint prosperity.

“The more we can build a sense of cooperation in the region, the more we can work together,” he said.

Regarding the challenges in the relationship between Saudi Arabia and the United States after the OPEC+ decision, Prince Faisal said, the Kingdom and US has a strong partnership, but this does not mean that we will always agree.

He said that the Saudi position is the correct one, and indicated that through what they saw, oil prices should continue to be stable. “We have a responsibility on the oil market abroad, the economies of the world to make sure that we continue to provide stability.”

Prince Faisal pointed out that Saudi Arabia believes that sustainability is the key for energy security.

“We believe the successes for instance, OPEC and OPEC+ has been able to deliver a relatively stable oil price, one that is predictable by both consumers and producers,” he said.

“Some other energy sources have faced significant challenges in this regard,” Prince Faisal said, noting that Saudi Arabia has continued to be committed to that, and is also committed to a clean energy future.

He added that Saudi Arabia has invested almost $200 billion in deploying renewable energies in the Kingdom and abroad. Its companies are also active in 21 countries around the world, deploying solar and wind energy and all the sources of renewable energy.

“I wanted to focus on the positive rather than the negative, because our neighborhood is showing signs that even in adverse circumstances you can deliver success,” Prince Faisal said.

Prince Faisal stressed that all the countries need to work together in order to address all of the challenges that face the world.

With regard to Ukraine, he said “We need to find a pathway to end the conflict in Ukraine.”