Summary on King Faisal - Research Paper Example

He was also involved in diplomatic matters like the congratulations to the King of England on Britain's victory in the First World War, tramped the battlefields, walked the docks of London, and studied a Welsh steel mill. Indeed, Faisal was the kingdom's first Minister of Foreign Affairs and other responsibilities like serving as President of the Consultative Council, Minister of Finance, President of the Council of Deputies, Minister of Commerce, Viceroy of the Hijaz, Minister of the Interior, Vice-President and President of the Council of Ministers.

In these years of service, Faisal polished his leadership qualities that embraced the teachings of Islam and the demands of the modern world. Again, when turbulent political currents swept through the Middle East, Faisal assumed the de facto leadership of the Arab world and guided its policies into the channels of moderation that suited his country and the interests of Islamic people. Indeed, Faisal was a modernized leader, an autocrat to the world, and a democrat to his people. Actually, Faisal featured in the world of man and the world of God (Saudi Aramco World Web).

Saudi Arabia has faced different economic turnaround in the neighbourhood of time. In 1925, the government of Saudi attempted to establish a national currency by issuing its first coin followed by a silver riyal two years later. Indeed, paper currency was not unknown in Saudi Arabia. In 1939, the Arabian American Oil Company made its first oil payments to the Saudi Arabian Government that changed the Saudi economy so drastically. Moreover, in 1945 there was expansion of oil production and government's payments and purchases, and the injection of large amounts of cash into the economy.

Additionally, in 1948 the Saudi government published its first detailed government budget, which proved unworkable. Nevertheless, under King Abd al-'Aziz, the monarch's strong predilection for austerity had been keeping the Saudi government spending in check. However, after his death in November 1953, there was relaxation on restraints on consumption as well as the rise of foreign exchange payments by Saudi Arabia plunging Saudi into economic downturn, low oil revenues inflation, and national debt.

It is now that Crown Prince Faisal ibn 'Abd al-'Aziz Al Sa'ud thought of a course of action (Shea Web). Faisal, Ahmed Zaki Saad, an executive director of the International Monetary Fund, and Anwar 'Ali, director of the Middle East department of the IMF sought to rectify the economic situation in Saudi Arabia. After six years of good financial strategies and leadership, there was significant change in the economic situation in Saudi. The national debt had been paid, better infrastructure, better education, and health care developments.

Hence, King Faisal was significant in revolutionizing the Saudi economy by offering good leadership (Shea Web). The success of King Faisal led to the launch of The King Faisal International Prize in 1976. The KFIP is an international project under King Faisal Foundation aimed at perpetuating King Faisal’s humanitarian legacy. Its mission is “to preserve and promote Islamic culture, education and reward excellence in academic and scientific research, provide assistance and develop self-sufficiency in less fortunate communities around the