Quotes: US 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.


 






  MENA News Headlines
 Jul 28 2014 - Muslims mark sombre Eid in bloodied GazaAFP
(MENAFN - AFP) The end of a month of fasting was supposed to be a time to celebrate for Abeer Shamali. But instead, she spent the Muslim Eid feast at the grave of her teenage son. Fellow mourners ...

 Jul 28 2014 - Radiant During RamadanMuscat Daily
(MENAFN - Muscat Daily) Keep your skin and hair glowing and shiny even as you're fasting in this holy month. Some tips... Moisturise Your skin too gets dehydrated when you fast. It is ...

 Jul 28 2014 - Cream of the CropMuscat Daily
(MENAFN - Muscat Daily) Mahmood Said Humaid al Shibli glances at the wall clock. It's 11am with change, and only two hours to ''go to plate''.  There's crepes to layer, oranges to slice and ...

 Jul 28 2014 - Coaches satisfied with Mansoor's performance at youth sailing worldsMuscat Daily
(MENAFN - Muscat Daily) Despite young Mansoor al Mahrooqi's last-place finish in a field of 57 sailors in the Laser Radial class at the ISAF Youth Sailing World Championship held recently, Oman ...

 Jul 28 2014 - ORT set for Belgian challengeMuscat Daily
(MENAFN - Muscat Daily) Oman Racing Team (ORT), led by Muscat-based racer Ahmad al Harthy, has managed just 12 points over the past three rounds of the 2014 Blancpain Endurance Series. Despite ...

 Jul 28 2014 - Alizz islamic bank reports RO2.6mn lossMuscat Daily
(MENAFN - Muscat Daily) Alizz islamic bank has reported a loss of RO2.6mn for the period ended June 30, 2014 which the bank said, in a disclosure to the Muscat Securities Market, "is in line ...

 Jul 28 2014 - Duqm Airport takes offMuscat Daily
(MENAFN - Muscat Daily) The newly opened Duqm Airport received its first Oman Air flight ahead of schedule on Wednesday with officials saying that the facility will serve as an air transport and ...

 Jul 28 2014 - All you want to know about Oman - on a busMuscat Daily
(MENAFN - Muscat Daily) Highlighting the leadership of His Majesty Sultan Qaboos bin Said, the National Centre for Statistics and Information (NCSI) has launched a new initiative that will see public ...

 Jul 28 2014 - Air fares rise by 35 as travellers rush to make the most of long breakMuscat Daily
(MENAFN - Muscat Daily) Fares of most airlines have gone up due to the increase in demand during Eid al Fitr holidays. The prices of tickets to different destinations have gone up by nearly 35 per ...

 Jul 28 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help