He said Saudi Finance Minister Muhammad Al-Jadaan, The Kingdom is mobilizing development institutions to ensure support for countries in the affected region.
Al-Jadaan stressed during a dialogue session within the activities of the second day of the Future Investment Initiative conference, hosted by Riyadh, that there is a process of interdependence with countries of the world to address problems.
He said the Kingdom has sent aid, including food and energy resources, to low-income countries and others.
He added that “the next six years will be very positive for the Arab Gulf states, while the Middle East in general will witness difficult circumstances, and it is our role to help them.”
Al-Jadaan said: “There is global recognition that the transition to renewable energy away from fossil fuels will not happen overnight, but could take 30 years,” noting that Saudi Arabia is making great efforts to reduce carbon emissions.
For his part, Bahraini Finance Minister Sheikh Salman bin Khalifa Al Khalifa said during the same session that inflation is one of the current challenges, particularly with regards to energy and food prices.
He stressed that the Gulf countries must develop their production and export capacities to transform their economies, because most of the non-oil GDP currently depends on consumption and imports.
