Fri 21-04-2017 00:20 AM

GCC states witness important historic developments: Saudi Energy Minister

ABU DHABI, 20th April, 2017 (WAM)--- The GCC states are witnessing significant historic changes and developments, notably the development visions and ambitious economic reforms, Eng. Khalid bin Abdulaziz Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, has said Addressing the Third GCC Petroleum Information Forum held in Abu Dhabi on Thursday, he added, these ambitious development reforms aim to diversify the sources of income and achieve sustainable development.

He cited the Saudi Arabia's Vision 2030, the UAE Strategy 2050, Bahrain Economic Vision 2030, the National Vision of the State of Qatar 2030, the Vision of the State of Kuwait 2035 and the vision of the Sultanate of Oman 2040.

Al-Falih said these comprehensive development visions seek to diversify the GCC economies and reduce dependence on oil as a main source of income. He added they exert great efforts, including investment in increasing the share of energy in the total mix of renewable energy and work in parallel to increase energy efficiency in general as well as expanded investments in all economic sectors.

He proposed the idea of changing the name of the Forum to be the "Energy Information Forum for the Gulf Cooperation Council Countries", thus expanding its base to include all energy sectors.