RIYADH, 12 August — Economic analysts expect that the rate of inflation in the Kingdom will remain at zero without change until the end of this fiscal year, thanks to the government’s new policies to strengthen the economy.
Speaking to Arab News, the analysts said the Kingdom was successful in controlling inflation for the past several years despite a fall in the cost of living by 0.9 percent last year.
An economic report issued by Saudi British Bank said all indicators showed that the Kingdom’s private sector would register a significant growth this year compared to last year.
Saudi Arabia has the resources to restructure and diversify its economy by reducing dependence on oil, said the report prepared by the bank’s economic adviser. The report discusses methods to finance new projects and indicates the need for new finances.
At present most projects in the Kingdom are financed by commercial banks and lending organizations like the Industrial Development Fund and the Real Estate Development Fund.
The Planning Ministry will organize an international seminar in Riyadh in association with the World Bank on the future of Saudi economy on Oct. 20-24. The seminar, to be held at the King Faisal Conference Hall in Riyadh, will set out an economic plan for the next 20 years.
The event will be attended by top officials from various government agencies as well as Saudi businessmen and international economic experts. A number of research papers on various topics related to the Saudi economy will be debated. The seminar will also review modern economic trends at local, regional and international levels in the light of the latest data available.
