Speaking at the opening of the Jeddah Security and Development Summit, he said that the summit comes at a time when the region and the world are facing major challenges.

He added that these challenges require intensifying co-operation within the framework of the principles of the UN Charter, which are based on respect for the sovereignty and values of states and non-interference in their internal affairs.

The Saudi crown prince expressed his hope that the summit will establish a new era of co-operation, to deepen the strategic partnership between the countries of the region and the United States to serve the joint interests, and enhance security and development in this vital region for the whole world.

He added that the environmental challenges that the world is currently facing, especially climate change, and the determination of the international community to maintain the Earth's temperature in accordance with the levels set by the Paris Agreement, require dealing with them realistically and responsibly to achieve sustainable development by adopting a balanced approach towards more sustainable energy sources.

He stressed that the growth of the global economy is closely linked to making use of all available energy sources in the world, including hydrocarbons, while controlling their emissions through clean technologies, which would enhances the possibility of the world reaching net carbon neutrality in 2050 or earlier while maintaining the security of energy supplies.

The Saudi crown prince said that the adoption of unrealistic policies to reduce emissions by excluding major sources of energy without taking into account the impact of these policies on the social and economic pillars of sustainable development and global supply chains will lead in the coming years to unprecedented inflation, rise in energy prices, increase in unemployment and exacerbation of serious social and security problems, including the increase in poverty, famine, crimes, extremism and terrorism.

He added that Saudi Arabia announced an increase in its production capacity of oil to 13mn barrels per day, after which it will not have any additional capacity to increase production.

The Saudi crown prince said that the desired future of the region requires adopting a vision that prioritises achieving security, stability and prosperity, and is based on mutual respect among the countries of the region, strengthening common cultural and social bonds and confronting security and political challenges.

With regard to the Palestinian issue, the Saudi crown prince said that the region's prosperity requires a just and comprehensive solution to the Palestinian issue, in accordance with international initiatives and resolutions and the Arab Peace Initiative.

He pointed out that having lasting security and stability in the region requires finding realistic political solutions to other crises, especially in Syria and Libya, to ensure an end to the suffering of their people.

He added that he was pleased to see an improvement in the security and stability of Iraq recently, given it will reflect positively on its people.