Mehmood Ul Hassan Khan
The Kingdom of Saudi Arabia is a moderate country which always works for the regional as well as global peace. Humanely, its humanitarian campaigns are the hope of the last resort. Levels of poverty and gender discrimination have been minimized due to Saudi Arabian humanitarian assistance in many African countries.
Moreover, its financial assistances are contributing significant development in the fields of education, health, clean drinking water, shelter in the world. Its ongoing human mega assistance drive in Syria has also been geared up since the start of war. Within the country, basic human rights were integrated and preserved. Sincere efforts were started for the further empowerment of women. Social welfare was remained sacred and supreme.
Politically, Saudi Arabia successfully managed the ghost of so called Arab Spring and maintained elements of stability and sustainability in the GCC and MENA. It used different methods of diplomacy to restore peace and harmony in Egypt, Algeria, Iraq, Libya, Sudan and the last but not the least, Yemen. It even initiated meaningful dialogue with Iran for the greater good of the region and world alike.
On national political front, Saudi Arabia is a dynamic country. Its public is politically motivated and articulated. Its economy is robust. Its society is harmonious. It always ready to do more good things for its people, region and the world alike. Saudi Arabia is the inspirational force for all the Muslim.
Militarily, the Kingdom of Saudi Arabia strived hard to curb incidents of infiltration in Bahrain, Iraq and Syria and also launched Operation Storm of Resolve and Operation Storm of Resolve for restoring legitimate government in Yemen. Saudi Arabia along with 10 global partners started air strikes and ground military operations to rescue the innocent people and women from the violence of Houthis.
On anti-terror front, Saudi Arabia promulgated many legal reforms in its own country which effectively, checked any incident of economic terrorism and money laundering. It introduced a complete set of “carrot and stick” policies and monitored the activities of any sleeper cells. Meaningful judicial reforms were also introduced which benefited the working of all the law agencies and para military organization in the country.
Its strong political commitments to fight against terrorism are appreciable. Its interfaith dialogue, tolerance, and cultural diplomacy are making bridges of better understanding, oneness and togetherness about others around the globe.
It is also an active member of G-20 and always plays its supportive role. Now, Saudi Arabia is one of the fastest growing markets among the world’s 30 highest emerging countries.
Economically at regional and world stage, the Kingdom of Saudi Arabia is the largest economy in the GCC and MENA. It always plays very important role for the peace, harmony and stability of the region and world alike. It is seriously advocating GCC joint security shield, energy cooperation, food security and joint strategy against terrorism and extremism.
Again economically, Saudi Arabia granted economic aid to so many regional countries, Egypt, Iraq, Jordan, Algeria, Bahrain and Palestine and reduced their miseries. Its economic aid helped these countries to fill the widening gaps of budgetary deficits. It stopped their economic meltdowns and mitigated the spillover effects of regional unrest and chaos. Furthermore, its balanced oil policy saved many countries and corporations from certain colipase.
According to latest Financial Stability Report (2015), overall, the Saudi economy has continued to perform well despite the recent deterioration in oil prices. All key real and financial macroeconomic indicators showed sustained improvement. Its macro-economy is strong, stable and sustained. Its future prospects are healthy and productive. It is estimated that due to its strong fiscal position and healthy financial system, the impact of the drop in oil prices may not felt in the short to medium term.
Its government spending is very high. Public debt is at its lowest ebbs. Foreign reserves are strong which provides a buffer against macroeconomic shocks. Government spending in 2015 will continue to be strong; as of January 2015, there are 439 billion riyals (over $117 billion) in a special government account designated for capital projects such as public housing, schools, hospitals, public transportation, and other major projects. It will continue to boost the Saudi economy and continue the strong growth in the private sector, which is projected to show a steady expansion of 6.0 percent in real terms through 2016.
It is predicted that its national economy would maintain elements of stability and sustainability in the long term. It would easily mitigate the impact of such an adverse external development (oil & regional political uncertainty). It has strong capital and liquidity position that would largely neutralize the impact of this unfavourable development. The constant government’ support to back up domestic counter-cyclical growth initiatives by virtue of strong fiscal position and large holdings of foreign assets would manage the potential negative consequences.
Development works are everywhere in the country. Many ongoing mega industrial projects have further strengthened its national production levels. Inflows of FDIs, massive construction, employment generation, higher education, consumer price stability, and the last but not the least immense increase in wages has merged the Kingdom as one of the ideal country to live in.
It introduced economic and financial reforms and liberalization of economy which successfully transformed its macro-economy which is now enjoyed an extraordinary period of prosperity since 2000. Its macroeconomic policies are business and investment friendly which have created many new jobs too. Its national drive of diversification of economy and production has created wonders. Its private sector is productive. Its macro-economy has continued to take advantage of these state initiatives which have been complemented by robust non-oil private sector activity.
Its economy is knowledge based. It has one the best human resources, nets of industrial clusters, transportation infrastructures and support housing projects. It is also the fourth ideal destination for the foreigner expats in the world. Saudi Arabia is the largest free market economy in the Middle East and North Africa holding 25 percent share of the total Arab’s GDP.
Despite regional socio-economic meltdown, deteriorating law and order situation in many parts of the region and above all high levels of political uncertainty, it has surpassed the previous levels of productivity, efficacy, expansion and above all profitability in associated sectors and sub-sectors of national economy.
In religious terms it stands for brotherhood, charity and divine revelations. It is a icon of the Muslim ummah since its inception because of its friendly and supportive policies towards the socio-economic prosperity and political unity.
Under King Salman Bin Abdul Aziz the Kingdom of Saudi Arabia continues to shine as a beacon of progress and stability in the region and world too. It has the confident leadership to overcome the regional conflicts and confrontations and steer the region toward sustained peace and progress in the near future.