Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi said the Kingdom of Saudi Arabia is considered the major economic force in the region as its economy was rated as the world's 25th. In a key address at the Oil, Economic Change, and Business Sector in the Middle East conference, organized by the Royal Institute for International Affairs in London today, Al-Naimi said the Saudi economy represents fifth of the domestic product of the entire Middle East, including Turkey. Accordingly, the Kingdom has won investors confidence over the last five years, he said, adding that the Saudi economy is making great strides in the gross domestic product amounting to seven percent this year and a dramatic increase in the stocks market, three times double the prices and size of transactions of the last two years. The Saudi stocks market now tolled to the 11th rank internationally in terms of the value of circulated bonds, Al-Naimi said, adding that non-oil Saudi exports soured by 25% compared with last year. He attributed the current invigoration of the Saudi economy to two important factors: Firstly: increase of oil prices and increase of Saudi oil production this year and last year. Secondly: the Economic reforms launched by Crown Prince Abdullah bin Abdulaziz, the Deputy Premier and Commander of the National Guard five years ago. --More 2218 Local Time 1918 GMT
