The participation of Saudi Arabia in the G20 may have been viewed in the past with a certain scepticism. There remains a perception among western policymakers that Saudi Arabia and other Gulf states are sources of funds rather than agenda setters.

This was a common perception in the late 1970s. Saudi Arabia today stands as the fourth largest holder of net foreign reserves in the world and is one of the select number of states within the G20 that at present has few macroeconomic concerns. Within four years, Saudi Arabia’s economy has doubled to reach close to $500bn this year. The country is unlikely to face a banking crisis, currency weakness or fiscal and budget deficits in the foreseeable future. Government debt to GDP (all domestically raised) has fallen below 10 per cent from a high of 105 per cent in 1999.