Saudi Arabia will host the G-20 Summit in 2020, said an official statement issued on Saturday at the end of this year’s event in Hamburg, Germany.

The G-20 is a prestigious forum for the governments and central bank governors from 20 major economies, including China, France, Germany, Italy, India, Russia, Saudi Arabia, the UK, the US and the EU.

Saud Arabia is the only Arab country and member of the Organization of the Petroleum Exporting Countries (OPEC) in the G-20, so “this is a great honor not just for Saudi Arabia but for the entire Arab world,” reported Arab News.

“This is a true reflection of the rising stature of Saudi Arabia on the world stage. I applaud the heads of state behind this significant decision,” Germany’s ambassador to the Kingdom, Dieter W. Haller was quoted as saying in the report.

"As we’ve seen with the decisions reached at the Hamburg summit, Saudi Arabia is a very important element of global governance," he stated.
 
Under the terms of the revolving presidency, G-20 hosts can set the summit agenda. Germany this year used the opportunity to focus on development partnerships with Africa. Japan will host the G20 summit 2019.

It is not just hosting the summit that is significant, but also the G-20 presidency, said Haller, adding: “It runs for a whole year and culminates in the final summit. Saudi Arabia will be in charge of setting the agenda and organizing the summit of this very important forum.”