The remarks by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Deputy Crown Prince, Second Deputy Prime Minister, and Minister of Defense, regarding the establishment of the world’s largest sovereign wealth fund—valued at $2 trillion—to prepare for the post-oil era, were met with deep satisfaction in economic and political circles, as the move is considered a positive step aimed at distributing wealth across generations and offsetting oil price fluctuations.

For his part, Abdulrahim Naqi, Secretary-General of the Federation of GCC Chambers, viewed this as a strong safeguard for future generations against any economic challenges, as well as a means of ensuring suitable living conditions for them, given the new opportunities available for economic diversification, along with the need to provide an attractive investment environment capable of reducing unemployment rates and encouraging young people to work in various fields across GCC countries.

Naqi explained that the sovereign wealth fund will serve as a fundamental pillar of the Saudi economy beyond oil, noting that the decision to establish the fund is positive and will have a positive impact on the Saudi economy by converting part of the country’s current and future revenues into sources of income through investment in global markets and various productive sectors, not just financial assets.

He also noted that this investment fund will become a major and vital source of support for the state in the future should oil prices be negatively affected, as well as a means of distributing wealth across generations, so that oil revenues are not monopolized by one generation over another.

The Secretary-General called on the other Gulf Cooperation Council (GCC) countries to follow the Kingdom’s example in establishing sovereign wealth funds, considering them the ideal way to protect a country’s financial strength in the face of crises and prevent the erosion of the cash reserves that countries generate from their financial revenues.