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 mortgage law 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
 Aug 5 2015 - Saudi- Ministry of Commerce and Industry approves establishment of 16 companies with SR 55.1 million capitalSaudi Press Agency
(MENAFN - Saudi Press Agency) The Minister of Commerce and Industry Dr. Tawfiq bin Fawzan Al-Rabiah approved the establishment of 16 closed joint stock companies during the last period with a capital ...

 Aug 5 2015 - 13 security personnel killed in Iraq suicide bombingSaudi Press Agency
(MENAFN - Saudi Press Agency) At least 13 security personnel were killed on Wednesday in a suicide car bombing in Iraq's eastern province ofDiyala, police said, according to dpa.Nine others were ...

 Aug 5 2015 - Fifth Saudi relief plane arrives in AdenSaudi Press Agency
(MENAFN - Saudi Press Agency) The 5th Saudi relief plane arrived today at Aden International Airport laden with 12 tons of medical supplies for patients with kidney failure accompanied by a team from ...

 Aug 5 2015 - Yemeni President confirms: victories of national army and resistance will not stop until purging all areas of coup forcesSaudi Press Agency
(MENAFN - Saudi Press Agency) President Abed Rabbo Mansour Hadi of the Republic of Yemen confirmed that the victories achieved by the national army and popular resistance in his country backed by the ...

 Aug 5 2015 - Emaar Misr logs net profit of USD66.48m in H1MENAFN
(MENAFN) Emaar Misr for Development announced its financial results for the first half of the current year ending June 30, registering a net profit of USD66.48 million.Revenues and net profit after ...

 Aug 5 2015 - Oman allocates USD8.2 for each electricity consumer in 2014MENAFN
(MENAFN) According to an electricity regulator, Total cost of electricity regulation in Oman reached USD8.2 per customer account. Authority believes that metrics compare favorably to international ...

 Aug 5 2015 - Oman's Mideast investment to record USD15b a yearMENAFN
(MENAFN) A report shows that Nearly USD15 billion per year will flow out of the Middle East into direct real estate globally in the near term. As a result of falling oil prices, The Middle Eastern ...

 Aug 5 2015 - Syrian FM arrives in Tehran for trilateral talksThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Syrian Foreign Minister Walid al Moualem arrived in Tehran on Tuesday to attend trilateral talks with the Iranian officials and Russian President Vladimir ...

 Aug 5 2015 - Abu Dhabi's Aldar net profit up 18.5 percent in Q2MENAFN
(MENAFN) Abu Dhabi's Aldar Properties announced logging a surge in its second-quarter net profit of 18.5 percent, attributed to higher recurring revenues, better margins and lower financing costs.The ...

 Aug 5 2015 - Kuwait- Municipality Rejects Response To QuestionsArab Times
(MENAFN - Arab Times) The Executive Board of Kuwait Municipality has refused to respond to the question of Municipal Council member Mane Al-Ajmi on the activities of the board, reports Al-Seyassah ...

more...


 






Google

Click to Apply

 
 

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