The Saudi oil minister, Ali al-Naimi, was quoted by Reuters as saying on Friday that his country is continuing with its investments in the oil and gas industry as well as solar energy despite the current drop in oil prices.
He was speaking at the G20 Energy Ministers’ meeting in Istanbul where he met with his America, Russian and Indonesian counterparts to discuss bilateral relations in the field of petroleum and protecting the environment.
“Since the 1970s this industry has been experiencing sharp fluctuations in prices – up and down – which have impacted investments in the field of oil and energy, and its continuity,” Naimi added.
“This volatile situation is not in the interest of the producing and consuming countries, and the G20 countries can contribute to the stability of the market”, he said.
In other developments, CNBC cited tourism industry experts and economists as saying that revenue from tourism could one day overtake oil as a source of revenue for Saudi Arabia.
“Tourism represents the second most important economic sector in the Kingdom,” said economic analyst Fadl Saad Al Bu Ainaian.
He was speaking at an event organized by the Saudi Commission for Tourism and National Heritage (SCTNH).
“Despite its low contribution to the gross domestic product (GDP) of only 2.7%, development plans in tourism show its ability to raise its contribution to higher levels, and makes it more capable to develop targeted areas especially the rural and remote areas that need comprehensive economic development to create jobs and investment opportunities,” he added.
Saudi Prince Sultan bin Salman, the president of the SCTNH, also attended a Group of Twenty (G-20) meeting of tourism ministers in Turkey on Wednesday.
The Saudi Association for Tourist Accommodation facilities, Saudi Association for Tourist Guides, and the Saudi Association for Travel and Tourism were all set up in 2014, in fact, by Saudi Arabia’s council of ministers.
King Salman bin Abdulaziz Al Saud is also prime minister.