Saudi Minister: Heavy government investment planned for 2014

Saudi Arabian Finance Minister Ibrahim Al Assaf predicted a positive growth in the country’s economy to continue during this year, in addition to the 60% GDP increase from the contribution of private sector investment.

“There is a lot of optimism despite some of the obstacles we faced,” Al Assad said in an interview on the sidelines of the World Economic Forum currently being held in the Swiss city of Davos.

Al Assaf told Al Arabiya's presenter Fatima Zahra Daoui that his own government would focus on heavy investments in 2014, saying, “In general we give priority to the implementation of the government infrastructure projects.”

“We have other tools for domestic investment through the public investment fund, which invests in a number of companies but many of which are joint-stock companies that are put in the Saudi market” he said.

He also stressed that the government’s investment priorities mainly focus on the domestic market, which contributes to the public investment fund in a large number of companies and local banks.

Speaking about the global market, he noted that, “The U.S economy is improving and the economy of Europe, Japan and China have also started to move,” signifying that the improvements will also help the kingdom’s economic prospects.