By Mohamed Idries
Riyadh – Mubasher: The Saudi Arabian economic growth is likely to continue even at a slower pace, said Finance Minister Ibrahim Al-Assaf.
The statement came during the minister’s speech before the Saudi-U.S. Business Opportunities Forum.
Despite the fall in oil prices globally, the kingdom’s economy continues to grow with a solid rate of 3.5%, according to the minister.
Al-Assaf also stated that the local economy stood firm against global challenges, as evident in boosting fiscal reserves in last years, in addition to foreign reserves at the central bank.
Moreover, the strong financial position of the Saudi banking sector enables it to deal with crises resulting from oil price volatility, said the minister.
Translated by Sayed Abdel Rahman
