Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Al-Assaf: Private sector key partner in Saudi growth  Join our daily free Newsletter

MENAFN - Arab News - 04/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The private sector is a key partner in the national development of a country and the Kingdom has been exerting all its efforts to harness the benefits of public and private sector partnership for the good of the country. This was stated by Finance Minister Ibrahim Al-Assaf while opening the Private Sector Middle East Conference held at the Council of Saudi Chambers (CSC) on Tuesday.
Four key organizations have joined under one umbrella to organize this global economic event, which is considered the first of its kind in the Middle East. They include the Ministry of Finance, International Monetary Fund (IMF) and International Finance Corporation (IFC) aside from the CSC.
Abdullah Al-Mobty, chairman of the CSC; Dimitris Tsitsiragos, vice president for Europe, Central Asia, Middle East and North Africa regions, IFC; and Min Zhu, deputy managing director, IMF, also addressed the packed gathering of local and international delegates.
Speaking on the economic challenges facing the region and the private sector's contribution, the minister said despite the implementation of economic reforms and support given for the private sector in the region, the role of the private sector, was still modest and the volume of investments small and not up to the expectations.
"Many countries have adopted policies to support the participation of the public and private sectors, and small and medium enterprises (SMEs), which enjoy great care and benefits from their respective countries.
Al-Assaf said the private sector in the Kingdom had played a significant role in its national development. "It has contributed SR700 billion, 58 percent of the GDP, toward various businesses.
Last year, he said, the private sector provided jobs for some 250,000 people, totaling its strength of employees to one million. Private sector has invested around SR314 billion in the Kingdom, the minister added.
About incentives, the minister said the Kingdom has created a conducive climate for successful partnership between the public and private sectors. "We are introducing judicial reforms, new mortgagelaw has come into force and lands are being provided for industrial developments," he noted.

Commending the unprecedented enthusiasm displayed by the Middle East countries to promote private sector participation, Zhu said there was a need for stability in its growth rate.
He pointed out that there is a strong need for more private sector participation in the region to trigger economic developments. The Kingdom has made remarkable progress in attracting private sector participation which is proven by its economic stability.
Encouraging private sector would create more job opportunities for the people, he said, adding that such active private sector involvement would attract investments from the region as well as from other countries on the globe.
About the Kingdom's growth, he said it had dropped to 3.6 percent this year from 5.1 in the previous year. "The cause of this decrease is due to slower output of oil. "We expect this to increase next year to 4.4 percent with increased oil production," he added.
The Kingdom's inflation remains in check at 3.6 percent, while the government budget still remains surplus of 9.6 percent during the current year, he added.
He also pointed out that 60 percent of the Kingdom's population is between 14 and 65 years of age. The main challenge is to find job opportunities for this group," he noted, adding that there are plenty of resources in the region to attract local and foreign investments.
Tsitsiragos stated that the investors in the Gulf region play an important role in the development of retail , infrastructure and communications.
The first scientific session on the role of macroeconomic and financial policies in private sector development was chaired by Hamad Al-Bazie, vice minister of finance, Ministry of Finance.
The other speakers included Alfred Kammer, deputy director, Middle East and Central Asia Department, IMF; Abdulmohsen Al-Fares, CEO of Alinma Bank; Michael Grifferty, president of The Gulf Bond and Sukuk Association (GBSA); and Talat Z. Hafiz, secretary general, Media & Banking Awareness Committee, Saudi Banks.


 


Arab News




  MENA News Headlines
 Jun 26 2016 - Saudi Arabia chooses financial planners for USD10bn bondMENAFN
(MENAFN) Saudi Arabia has picked Citigroup, HSBC and JP Morgan to arrange its new USD10 billion bond, local financial sources reported.Banks had pitched for roles on the transaction earlier this ...

 Jun 26 2016 - Dubai's new industrial vision to generate USD44bMENAFN
(MENAFN) Dubai has announced its new Industrial Strategy, which will oversee 75 initiatives to add USD44 billion to the emirate's economy.The plan has been approved by Vice President and Prime ...

 Jun 26 2016 - Turkey Anel grasps USD66m in DohaMENAFN
(MENAFN) Turkish-based Anel Mepa has won an USD66.5 million contract for the Red Line of Doha Metro scheme, a report said.In detail, the agreement includes building automation and management and ...

 Jun 26 2016 - Oman engineering college kick off solar projectMENAFN
(MENAFN) The Sultan Qaboos University (SQU) College of Engineering said it's currently working on a new solar project.In detail, the USD559 thousand project is expected to generate electricity with ...

 Jun 26 2016 - Damac awarded USD817m deals in H1MENAFN
(MENAFN) Damac Properties, a UAE firm, said it had awarded 25 construction and consultancy contracts worth USD817 million during the first half of this year.In detail, the leading luxury real estate ...

 Jun 26 2016 - Saudi, UAE say no big financial effect from BrexitMENAFN
(MENAFN) Saudi Arabia and UAE said that they did not expect remarkable effect to their financial institutions after Britain's vote to leave the European Union."Kingdom had already made some ...

 Jun 26 2016 - UAE Embassy in distributes Ramadan aid to Muslims in VietnamEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) HANOI, 26th June, 2016 (WAM) -- The UAE Embassy in Vietnam has overseen the distribution of food aid to 150 underprivileged Muslim families in the Nghia ...

 Jun 26 2016 - Qatar Petroleum announces integration of TasweeqEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOHA, 26th June, 2016 (WAM) -- Qatar Petroleum, QP, the state owned petroleum company in Qatar, has announced the integration of Qatar International ...

 Jun 26 2016 - UAE- Ajman Chamber organises 4th diplomatic forum and discusses economic cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 26th June, 2016 (WAM) -- The Ajman Chamber of Commerce and Industry, ACCI, organised the 4th edition of its annual Ramadan Diplomatic Forum aimed at ...

 Jun 26 2016 - UAE Space Agency and Lockheed Martin partner to train next generation of UAE national space talentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June, 2016 (WAM) -- The UAE Space Agency has signed a Memorandum of Understanding, MoU, with Global technology leader, Lockheed Martin, to ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help