Prince Turki Al-Faisal, the Saudi Ambassador to the United Kingdom and Ireland pointed out that the Kingdom of Saudi Arabia is the major important economic power in the Middle East. Addressing the Symposium titled the Middle East, Commercial Diplomacy, Power for Achievement of Prosperity in the Region which was concluded here today, Prince Turki noted that the Kingdom has the biggest banking sector, stock exchange and economy in the region, adding that the Kingdom is the biggest exporting and importing country in the Middle East as well as it is the biggest oil exporting country and it has the largest proven oil reserves in the world. Prince Turki noted that the Kingdom's economy ranks 25th among the biggest important economies in the world, indicating that the Kingdom's gross domestic product forms one-fifth of gross product of the Middle East countries as a whole. The Kingdom has 25 percent of the volume of inter-trade among Arab countries. Its economic growth rate which amounts to more than 7 percent annually is considered the biggest in the region. --More 2236 Local Time 1936 GMT
