Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi finance minister: Govt spending driving robust nonoil growth  Join our daily free Newsletter

MENAFN - Arab News - 07/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Nance minister ibrahim al-assaf said the global economic recovery had embraced a number of developed countries but there are challenges that remain to be solved.al-assaf was making the opening remarks at the inauguration of the saudi euromoney conference.the event organized by ministry of finance was attended by more than 1000 delegates.it was tilted “innovation competition and the changing dynamics of globalization.”housing minister shwaish al-dowaihy economy and planning minister muhammed al-jasser and supreme economic council secretary general dr. majid al-moneef also addressed the event.al-assaf said there remain a series of challenges especially the shift of monetary policy in the developed countries notably the us from quantitative easing (qe) to stimulate economy to conventional policy poses challenges especially for emerging markets and developing economies.he said negotiations at the meetings of the g20 the international monetary fund (imf) and the word bank (wb) have stressed the need to adopt economic policies supportive to sustained and balanced economic recovery with the intent of raising global growth rate by 2 percent in the next five years.as a member of g20 he said saudi arabia has proposed a strategy for growth at the meetings of the working group team concerned with global economic growth.“this strategy rests on plans to continue investments in infrastructure projects education and health activation the role of private sector public and private partnership (ppp) to bring about more diversification of economy to create more jobs enhance productivity and competitiveness in the presence of a stabilized financial and monetary environment” he said.at the national level the minister said the saudi economy has realized positive results during the last few years thanks to economic reforms launched by the custodian of the two holy mosques king abdullah.during his glorious rule he recalled that the period witnessed initiatives focusing on the development and welfare of the country centered on reforms fighting corruption upgrading government performance women empowerment and adoption of programs and policies which have immensely contributed to unprecedented economic growth rates.last year he said the kingdom’s economy realized a real growth rate of 3.8 percent despite a decline of growth in the oil sector.the minister however said the government spending had boosted growth in the nonoil sector associated with good performance in the private sector which grew by 5.5 percent.these policies were positively reflected on the kingdom’s economic growth and financial adequacy which led fitch ratings to raise the kingdom sovereign rating from –aa to aa with stable outlook he said.“meanwhile the imf has appreciated steps taken by the saudi government to boost management of public funds and huge spending on education and training. the imf has predicted the saudi economy will grow by 4.1 percent in 2014 and 4.2 percent by 2015” he noted .other major developments in the saudi economy during last year were approval and awarding of the public transport project in riyadh wadi al-shamal mining project commission for evaluation of general education licenses for practicing real estate funding activities issued by sama closure of sukuk issuance by the civil aviation authority (caa) at funds exceeding sr15 billion to finance projects at king abdulaziz airport in jeddah and king khalid airport in riyadh he said .“on the other hand the budget of the current year (2014) has focused on developmental projects education health roads social security water and electronic services. the number of projects awarded during last year stood at 2330 whose value touched sr 157 billion” he said.the minister said the sector of small and medium enterprises (smes) has been given a big boost and support notably by the saudi credit and savings bank (scsb) and the kafala program which are providing required funds to this sector in cooperation with saudi commercial banks.


 


Arab News




  MENA News Headlines
 Jul 25 2016 - Saudi's PetroRabigh net profit falls 80 pct in Q2MENAFN
(MENAFN) Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh) said it has experienced a 79.6 percent drop in net profit during the second quarter.The company, a joint venture between ...

 Jul 25 2016 - Abu Dhabi hosts strategic investments meetingMENAFN
(MENAFN) Pooling knowledge and resources from within the oil and gas industry is vital to energy sector progress, said senior officials and world representatives at a recent gathering in Abu Dhabi.In ...

 Jul 25 2016 - 390m revenues of Vodafone Egypt in Q4 of FY 2015/2016Daily News Egypt
(MENAFN - Daily News Egypt) Vodafone Egypt achieved an 11.2% growth in its revenues during the fourth quarter (Q4) of fiscal year (FY) 2015/2016 which ended in March. According to the data from the ...

 Jul 25 2016 - Knesset members to visit Saudi, recognised relations with Israel come to the lightDaily News Egypt
(MENAFN - Daily News Egypt) Arab-Israeli member of the Knesset Issawi Frej told Israeli state media on Sunday that preparations are ongoing for a visit of opposition members in the Israeli parliament ...

 Jul 25 2016 - Environment minister meets with African counterparts to prepare for COP22Daily News Egypt
(MENAFN - Daily News Egypt) Minister of Environment Khaled Fahmy held a meeting with his counterparts from Gabon, Niger, and Namibia on Sunday in Cairo, in his capacity as the president of the ...

 Jul 25 2016 - Has the public's initial post-Brexit denial passed?Daily News Egypt
(MENAFN - Daily News Egypt) Britain's decision to leave the EU fueled a rise in xenophobia and fears about the future. A month after the bombshell, DW talks to remain voters and EU nationals in the ...

 Jul 25 2016 - Internet market attracts 200,000 new customers in April 2016Daily News Egypt
(MENAFN - Daily News Egypt) A report by the Ministry of Communications and Information Technology has shown a slight decline of 0.12% in the number of mobile service subscribers in April, compared to ...

 Jul 25 2016 - Unified sermon is in the best interest of society: Ministry of Religious EndowmentsDaily News Egypt
(MENAFN - Daily News Egypt) The decision to unify Friday prayers by giving preachers written sermons is in the best interests of society, Minister of Religious Endowments Mohamed Mokhtar Gomaa said ...

 Jul 25 2016 - DPI acquires 33.3% of B.TECH, worth $35mDaily News Egypt
(MENAFN - Daily News Egypt) The Financial Times reported on Sunday that private equity firm DPI will acquire 33.3% of household appliances retailer B.TECHa deal worth $35m. According to a previous ...

 Jul 25 2016 - Egyptian renewable energy disinvestment over price and arbitration disagreementsDaily News Egypt
(MENAFN - Daily News Egypt) Italy's Enel Green Power has exited the renewable energy market in Egypt and is seeking compensation for investments it has already injected, according to Al-Borsa ...

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