2006 News Story

Saudi Arabia earmarks $1 trillion for projects

Saudi Arabia has allocated $1 trillion for projects over the next few decades, according to Deputy Minister of Commerce Fawaz Al-Alamy, the Arab News reported today.

In a speech read on his behalf at last week’s “Opportunities Arabia 3” conference in London, Al-Alamy said that Custodian of the Two Holy Mosques King Abdullah’s vision for the Kingdom includes robust forward-looking policies, a gradual implementation of reforms, and a steady process of restructuring. The aim of this vision is for Saudi Arabia “to adapt to global changes while preserving its valuable traditions,” the deputy minister said, as quoted in the Arab News.

The five fundamentals of the Saudi strategy for economic reform and restructuring are: streamlining the decision-making process; diversifying the economic base; strengthening the private sector’s role; creating a favorable investment climate; and integrating the Saudi economy into the global economy, Al-Alamy said. He also noted that Saudi Arabia’s young population is one of its biggest assets.