Saudi to achieve 7% non-oil GDP growth

19 May 2011

(MENAFN) Saudi economy minister, Khaled Al- Qusaibi said that as part of the Kingdom’s long term development strategy that could double its GDP in 2025, the country would achieve a 7 percent real growth in its non oil economy, reported Emirates 24/7.

Al- Qusaibi added that the strategy that was implemented six years ago would target higher growth rates of 8.1 percent in the Kingdom’s industrial sector and 7.4 percent in the services sector, adding that the main aim of the strategy was to bring improvements in the quality of life for the citizens.

On the other hand, finance minister Ibrahim Al Assaf said that the two Royal Decrees issued by King Abdullah would target the most needy sections of society, in housing, soft loans and social welfare, in addition to subsidies for the unemployed, they involve the spending of more than USD130 billion in the next few years, including the construction of 500,000 houses and a monthly salary of USD533 for job seekers in the first year of their job search.

It is worth noting that the Kingdom is the world’s number one oil supplier and the largest Arab economy, with its nominal GDP peaking at USD435 billion in 2010.

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