Business & Money | Sunday 25 January, 2015 11:30 am |

Describing the contribution of King Abdullah, who died on Friday, as enormous, a cross-section of economists expressed their happiness over the continuance of his policies by his successor Custodian of the Two Holy Mosques King Salman.
Speaking to Arab News, they recounted King Abdullah’s contribution, especially in the economic field, and highlighted the policies that have made the Kingdom a world power, both in economic and political terms.

During King Abdullah’s reign, the Saudi financial market achieved massive growth with the increase of working companies in the market that climbed from 64 to 180 companies. Spending on infrastructure projects was the highest and took a prime position.
New airport and railway projects, in addition to the building of economic and industrial cities, contributed to doubling income especially in the private sector. What is more, Saudi Arabia had a major role in the G-20 summit, providing the global market with oil during 2008.
Domestically, Saudi Arabia achieved record numbers in its budgets, whether in returns or spending that exceeded SR1 trillion in the budget of 2014.
The economists were unanimous in crediting King Abdullah with numerous economic achievements. Notable among them: Saudi Arabia joined the World Trade Organization in 2005 at the commencement of his reign. Three years later, the Kingdom was included in the G-20.

King Abdullah's rule witnessed the Saudi economic boom in terms of infrastructure projects and the construction of economic cities. Saudi Arabia played an important and major role in the global economy especially during the global oil crisis. Thanks to its oil policy, it curbed the rising prices and contributed to the stability of oil markets, the economists interviewed said.
Basil Al-Ghalayini, CEO of BMG Financial Group, said: “Our beloved late King Abdullah has left a legacy of outstanding achievements during his ruling on both fronts; monetary and fiscal, but most notably, was Saudi Arabia joining the G-20 club for the first time in its history. As for government expenditure during his 11 years of ruling, it has reached an accumulated record of SR7.54 trillion with an annual increase of 14 percent.”
He added: “On the GDP front, it has increased by 225 percent adding almost SR1.69 trillion during the last decade. Financial reserves have increased almost five times to SR2.78 trillion.”
On the multibillion dollar mega projects front, the late king imposed strict timelines with contracts to complete land mark infrastructure projects in record times including, the largest expansion of the two holy mosques, the largest countrywide railway and metro network in the entire region, the largest female only university in the world, largest port, tallest building in the world, among other mega projects, he said.
Economist Salah bin Fahd Al-Shalhoub said King Abdullah had worked for the comprehensive development of the country and found solutions for its economic and social problems.

“During the past 10 years of his rule, Saudi Arabia witnessed unprecedented development,” Al-Shalhoub said.
Economist Fadel Al-Boenien said Saudi Arabia played a major role in solving the world financial crisis in 2008, through its participation in the G-20 meetings under the leadership of King Abdullah. During that meeting, it announced the allocation of $400 billion to face the global financial crisis, in addition to a number of initiatives which were announced during that summit. The most important of these initiatives is the continued support and flow of oil to global markets so as not to harm developing and industrial countries.
Faisal Alsayrafi, president of Financial Transaction House (FTH), told Arab News: “God bless him. The late King Abdullah spent enormously for the welfare of Saudi people. His education initiative helped Saudi students gain knowledge not only in Saudi Arabia but anywhere in the world.”
Alsayrafi said: “King Abdullah’s economic policies and high spending on various key projects such as infrastructure, transportation and health created jobs for many Saudis, both men and women.”