Al Nassr crash out as Kawasaki Frontale reach AFC Champions League Elite final    Saudi and Jordanian foreign ministers discuss Gaza situation    HR Ministry approves regulations for job ads and interviews in private sector    Will US tariff hikes affect Saudi Arabia? Kingdom largely insulated as oil exports remain exempt and non-oil sectors gain a pricing edge    Mataf nearly empty as entry to Makkah restricted to Hajj visa holders    Cinema revenues account for SR845.6 million in 2024 17 Saudi films among 504 films screened    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Mawani and Alissa Universal Motors sign agreement worth SR300 million to establish Logistics Zone at King Abdulaziz Port in Dammam    4 Chinese nationals arrested in Makkah for promoting fake Hajj campaigns    Saudi Arabia urges India and Pakistan to de-escalate tensions    Trump congratulates Canada's Carney as they agree to meet in 'near future'    Sánchez vows to uncover reasons behind massive Iberian power outage    Al-Khereiji at BRICS: Saudi Arabia a reliable and neutral partner in endeavors for de-escalating tensions    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    Saudi market shows resilience in Q1 2025 despite global volatility: Report    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Globalization and diversification
Published in Alriyadh on 18 - 01 - 2017

Political relations across national borders, more often than not, hinge on economic considerations. The concept of a global economy is now gathering even more momentum than in the past, making it the stepping stone for broadening political relations.
Americans have elected a billionaire for a president, while Britons have voted to quit the European Union for domestic economic gains, rather than continue to cling on to a regional economic grouping.
The annual World Economic Forum gathering in Davos has become an important platform for engaging top leaders and businessmen from 70 countries. It has turned into a forum for intense debates on economic issues as well as politics, as reflected in the fierce rhetoric between the US and China.
Speaking at the Forum, the Chinese President warned that nobody will emerge a winner in a trade war, especially if the US insists on pursuing a new path of protectionism. He underscored the importance of "managing globalization rather than denigrating it." Sending an important message to the countries around the world, the Chinese President said that "just blaming economic globalization for the world's problems will not help solve the problem."
The US is set to adopt a new policy under its incoming president. It says it does not want a trade war with China, but wants better returns from doing business with the Asian economic giant.
Where does the Kingdom stand in this scheme of things? The Kingdom is one of the top 20 economies of the world. With one fifth of the world's oil reserves, the Kingdom holds tremendous global influence. It supplies oil to several European, Asian and American countries. Energy Minister Khalid Al-Falih confirmed in Davos that the oil market is now heading towards the right direction.
Oil is one of the most important resources of the Kingdom. Oil enhances the Kingdom's global position as a leading and reliable energy supplier. The commodity is an essential, basic commodity for other industrialized countries to run efficiently – which brings us back to our opening discussion, that pure economic interests are what rules global relations.
Globalization being what it is, it is now imperative for the Kingdom to diversify its sources of income. This is exactly what the Saudi Vision 2030 is driving at. Recent developments, such as Saudi Aramco's first wind-operated electricity generator and the Housing Ministry's massive housing project, indicate that the Kingdom is treading the right path towards diversification. This is where its strength lies on the economic and political fronts.


Clic here to read the story from its source.