Business | Economy
Saudi king denies US seeking funds
Saudi Arabia's King Abdullah Bin Abdul Aziz denied the US is seeking billions from the Gulf Co-operation Council (GCC), including Saudi Arabia, as part of its efforts to overcome the financial crisis.
- By Abdul Rahman Shaheen, Correspondent
- Published: 23:31 November 29, 2008
Riyadh: Saudi Arabia's King Abdullah Bin Abdul Aziz denied the US is seeking billions from the Gulf Co-operation Council (GCC), including Saudi Arabia, as part of its efforts to overcome the financial crisis.
He stressed that Saudi Arabia and other Gulf states did not and will not give any amount of money to the US for that purpose.
"All major countries in the world have been affected by the economic meltdown amounting to trillions and therefore, they are not in need of mere billions from the Gulf," he said.
State of economy
King Abdullah made the remarks in an interview with Kuwait's Al Seyassah newspaper. He said that the economy of Saudi Arabia is in an excellent position and that Saudi sovereign wealth funds are safe in the global economic crisis.
He said that the kingdom's budget was not affected by the global financial crisis. The budget was prepared on the assumption that the price for oil is $75 per barrel.
King Abdullah vowed the kingdom's determination to pursue ongoing development projects totalling $200 billion (Dh735 billion) despite the global crisis.
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