FINANCIAL NEWS

Saudi Arabia economic sector to boost efficiency

26 Jan 2016

(MENAFN) Increasing the competitiveness of the state sectors is a must for economic diversification, which is a goal for the government to cut dependence on oil resources.

Furthermore, the Saudi GDP last year stood at USD 653bn, which is the largest in the Middle East; it is the fourth fastest-growing in the G-20 and public debt of just 5.8 percent of GDP.

Moreover, the Kingdom’s income from nonoil revenues increased 29 percent over the course of last year, whereas the global economic crisis exposed the strength of KSA economy.

In addition, the country will not rely on its economy with its own recent financial resources; it tries to attract diverse foreign investment to attain the diversification of income resources.

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