Former GOP leader praises Saudi Arabia’s ‘bold transformation’

Former congressman along with House of Representatives majority leader Eric Cantor had not bad things to say about Saudi Arabia while speaking at the ADNOC Downstream Investment Forum in Abu Dhabi Sunday.

“I think This particular’s one of most exciting regions to be in at a time when there can be so much transformation going on. You have to look at the crown prince of Saudi Arabia along with give him a lot of credit for being very bold in his vision along with take the kingdom to the next step in terms of an evolution,” Cantor told CNBC’s Hadley Gamble.

He described an unprecedented anticipation around what he saw as the Islamic kingdom’s economic diversification along with the deepening of strategic partnerships, both politically along with economically.

“I think there are some very bold things going on in This particular region, along with certainly Saudi Arabia can be a big part of in which,” he said.

The Virginia Republican, who served in Congress for 13 years, today helps lead the international investment bank Moelis & Company as its vice chairman. The bank can be the sole independent advisor on Saudi Aramco’s IPO (initial public offering), the highly anticipated public listing of Saudi Arabia’s state-owned oil giant, estimated to be the most valuable company from the earth at more than $2 trillion.

Kingdom officials are aiming for the listing to raise around $100 billion along with attract a valuation from the range of $1 trillion to $2 trillion, though the listing has been delayed along with may not happen until 2019.

the earth’s largest oil producer, known for its rigid social conservatism, can be from the midst of unprecedented economic along with social change, launched by its young crown prince, the 32-year-old Mohammed bin Salman, who in 2017 announced women could be given the right to drive.

Investment in non-oil sectors along that has a raft of privatizations of state assets all stem coming from Saudi Arabia’s Vision 2030, an extensive reform program aimed at economic diversification along with reducing dependence on hydrocarbons. The government can be looking to private sector investment in order to create jobs for Saudi Arabia’s burgeoning youth population, more than 60 percent of whom are under 30.

“I think what you’re going see can be a lot of interest in terms of foreign investors to be a part of the economic growth in which comes coming from This particular transformational vision,” Cantor said.

“along with This particular’s not just from the commerce arena, This particular has to do with social transformation as well. So there’s a lot of opening up going on from the region as a whole, along with Saudi Arabia being the largest economy along with market here provides a lot of attractive destinations for capital.”

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