Saudi to focus on diversification efforts

(MENAFN) Saudi Arabia's new leadership is expected to focus its efforts on diversifying the kingdom's growing but oil-dependent economy, while easing procedures for investors, Gulf News reported.

"The smooth transition of power to King Salman is a testament of the stability and the commitment that our leadership has. King Salman has been a strong supporter of promoting the kingdom as an investment destination," governor of the Saudi Arabian General Investment Authority (SAGIA), told a conference.

Saudi is the world's leading oil exporter, with oil making up about 90 per cent of Saudi government revenues, but the kingdom is currently aiming at expanding the health, transport and mining sectors, along with information and communications technology, the financial services, tourism and real estate sectors while focusing on education as well.

The Authority also said that the kingdom's foreign direct investment grew at an average rate of 10 per cent and has reached USD220 billion, adding that the productivity growth in the private sector also witnessed a growth of 8.4 percent annually since 2005, and its reserves are estimated at USD750 billion.