Saudi Arabia Rejects Foreign Meddling in Libya

Saudi Arabia Rejects Foreign Meddling in Libya

The Saudi government rejected on Tuesday foreign meddling in Libya, stressing its support to the Libyan people.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh.

The cabinet condemned the violation of UN Security Council resolutions related to Libya. It also denounced the escalation in military operations in the North African country.

Riyadh stands at an equal distance from all Libyan parties, it stressed.

The ministers emphasized the Kingdom’s stance in all conflicts in the region and called for restraint, calm and dialogue.

Coronavirus impact on oil market

The government also discussed the possible impact of the new coronavirus on the oil market. It said it was confident China and the international community would be able to eradicate it.

The cabinet also reiterated that OPEC and its allies could respond to any impact from the virus on the oil market.

A report was presented before cabinet on the Saudi delegation’s participation at the World Economic Forum in Davos last week. The representatives discussed with senior economic officials and decision-makers efforts to achieve sustainable development that will stabilize the global economy.

The ministers highlighted Saudi Arabia’s participation as it prepares to host the G20 summit later this year.

Media Minister Turki al-Shabanah told SPA that the cabinet welcomed the Public Investment Fund’s announcement of a partnership with UNCTAD. This is to hold a global summit on direct foreign investment.

The meeting will also be in Riyadh in October.

It will be also the first time the event, which is to attract 250 participants, will be held in the Middle East.

The summit is part of Saudi Arabia’s goals to attract foreign investment and underscores the major successes it has achieved over the past two years in boosting its economy.

The growing confidence foreign investors have in the Kingdom, which marked a 45% increase in foreign investment in 2019, reflected this.