Saudi Arabia’s tendency to invest more and more
Al-Jazeera
The sessions of the IsDB were marked by the continued investment of large amounts by Saudi Arabia. Phrases like: “We are investing this value because we can” and “we are rich” have been explained countless times. In a parallel conversation with the United Arab Emirates, delegates from Saudi Arabia said that they would only enter into projects if they had more money invested than the other countries.
During the debate on project 16, which was presented by Lebanon, Saudi Arabia wanted to contribute to the project, however, Lebanon claimed that it already had enough money. This generated a small crisis. Saudi Arabia said: “If you do not want our money, okay”. “All countries have an interest, surely they also have, but there is no way to know which. But I think this is part of the international community. I did not accept the money because my project did not need, we already had enough money and it was a very simple project.”, said Lebanons’ governor.
In an interview with Al-Jazeera, Iran has shown frustration with this willingness of Saudi Arabia to always want to invest more than the others. “Since the beginning of the discussion sessions of this committee, Saudi Arabia has been trying to exercise hegemony and never caring about the well being of populations and countries. They try to exert more and more power so that they are recognized as the largest country in the Middle East and North Africa. They really have lots of money but it’s the only thing they have to offer. By making a collision with other countries, we can approve big money projects without needing them, because we, as well as money, can also contribute human capital and unite to make the situation of these countries better and not only richer”, said Iran’s delegate.
However, Saudi Arabia claimed that invests more because they have more. “The point is that we are very generous with the countries of the Middle East and North Africa. We believe that international cooperation is the main mechanism to help develop the region. As we have more resources than the other countries, we think it is a moral duty to contribute more”.
Saudi Arabia is the largest economic force in the Middle East and the richest in the Arab countries. It is economy is almost entirely based on oil. The government’s major public works policy as well as foreign direct investment and the soundness of the banking and financial system have helped the country become the first regional economy and one of the world’s leading economies.
In the 13 projects approved by the IsDB, Saudi Arabia participated in 7 projects, investing a value of 4 billion and 245 million dollars.
