Physical infrastructure remains important (particularly in developing nations), but concurrently investing in the development of a knowledge-based economy is essential to sustaining healthy economic growth and creating well-paying jobs in a highly competitive, ideas-driven global economy.
Khalid A. Al-Falih
It would be a mistake to believe that environmental protection and economic growth are mutually exclusive.
The development of oil and gas resources depends more on capital than labour, and exporting oil and gas neither generates maximum returns from these precious resources nor creates large numbers of jobs within the local economy. As a result, the benefits are typically not shared broadly across society.
Resource-rich nations should not ignore efficiency simply because energy is abundant.
It's true that robust governance structures, checks and balances, transparency of markets, directionally leads to... less vulnerability to corruption.
Saudi Arabia is blessed with energy from various sources, whether it's fossil in oil and gas, or renewables, wind and solar, that are extremely competitive.
We absolutely want to harness nuclear energy for peaceful purposes. There should be no doubt about Saudi Arabian intentions. Whatever we do is going to be under strict compliance with international agreements.
Our history with Americans goes back over 80 years. They came here, they helped us harness our oil and gas, and we became leaders.
We have large resources of uranium that we are exploring, and we are extremely encouraged.
My role as the energy minister is to implement my government's constructive and responsible role and stabilizing the world's energy markets accordingly, contributing to global economic development.
If oil prices will go too high, it will slow down the world economy and would trigger a global recession.
I think that rational people in the world know that oil is a very important commodity for the rest of the world.
Saudi Arabia is a very responsible country. For decades, we used our oil policy as responsible economic tool and isolated it from politics.
