Saudi- Infrastructure investment to continue

(MENAFN- Arab News) Heavy spending on infrastructure education training and job creation initiatives would continue under Custodian of the Two Holy Mosques King Salman an expert said here.Mazen Al-Sudairi head of the research department at Investment Capital Company said the new monarch would also work to ensure a stable global oil market.The spending would include mega development projects including the Haramain high-speed train Riyadh Metro and economic cities. The Kingdom would increase opportunities for greater competition in vital sectors.Al-Sudairi said the major challenges facing the Saudi economy in the future include ensuring development projects benefit all parts of the country because 65 percent are currently focused on the central eastern and western regions. He said the Saudi economy is on the verge of a major boom but the biggest challenge would be the extent to which certain sectors are able to cope with King Salman's passion for ongoing change and greater development.Al-Sudairi said the Saudi economy has shown a great deal of growth in recent years especially in the nonoil sector. Evidence can be seen in the rise of reserves and reduction of public debt to gross domestic product which is currently less than 3 percent and a stable financial and banking sector.He said King Salman was heavily involved in economic issues as the governor of Riyadh and had transformed the capital into a sophisticated modern city.