Riyadh-Mubasher: The procedures taken by the Saudi government to avoid the negative impacts of oil prices, including the national transformation programme, will boost the kingdom’s economy, said economists.
They added that the kingdom seeks to boost efficiency and competitiveness.
Fahad bin Jumaa, vice president of the economy and energy committee of the Shura Council, said the measures taken recently by the government to diversify economic resources through focusing on the non-oil sector and privitising some airports and oil companies will fuel the domestic economic growth.
He added that the kingdom works on boosting efficiency and competitiveness among companies, which will make the market works on commercial bases.
The government supported the national economy through establishing an authority for small and medium-sized enterprises (SMEs) and issuing new corporate regulations which aim to reduce the capital of shareholding companies to SAR 500,000 from SAR 2 million, the expert said.
He added that the market will be further opened to foreign investments to enhance competitiveness. “We will focus on the non-oil sector amid the current fall in oil prices”.
Economist Barjas Al-Barjas said the kingdom should develop its oil sale policy as soon as possible, and diversify the income resources through developing industries and technologies and conducting studies on the development of other oil outputs.
