Saudi Arabia's economy is unfazed by geopolitical turmoil in the region, its finance minister said Wednesday when asked about intensifying conflicts with its neighbors.
"There has been a lot of turbulence around the world. If the economy is going be crippled just because a terrorist group is in access of one or two hundred missiles, that is a serious problem," Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan told CNBC's Hadley Gamble in Riyadh.
"All our reforms have been done while terrorist activities are taking place on our border, trying to impact our economy, and we are saying no — we are going to defend our territory, but that will not distract us from pushing social, legal and financial reforms."
The minister was referring to the broad set of economic reforms underway in the kingdom, most notably "Vision 2030," a large-scale initiative aimed at expanding the private sector and diversifying the country's oil-dependent economy away from hydrocarbons. Oil currently accounts for roughly 87 percent of Saudi budget revenues and 90 percent of export earnings.