The Saudi Finance Minister highlighted the Kingdom's efforts to boost non-oil revenues and diversify its economy as part of Saudi Vision 2030 through labour market reforms.
Mogadishu has been undergoing an economic renaissance few would have imagined five years ago.
Somalia's gross domestic product growth pace has been set at 3.7 per cent, compared to 3.1 per cent last year, while Ethiopia's was 7.0 per cent, 0.2 percentage points down from last year's figure.
The G7 commended Somalia on its progress in the institutional, macroeconomic and security sectors.
The Horn of Africa nation is only just beginning to emerge from the worst drought in four decades that left millions of people hungry across East Africa.