Al-Barrak was addressing a press conference on the sidelines of the Jeddah Economic Forum on Monday. In the current year SR30 billion worth of projects are underway, he said. He added that 200 contractors undertook his company's works and the priority is always given to efficient Saudi contractors.

He said the company plans to organize awareness campaigns to spread a culture of economic power consumption among the public.

Another participants in the press meeting Richard Mcormak, executive vice president of the Bank of America, said he was deeply impressed by the leadership qualities of Custodian of the Two Holy Mosques King Abdullah. He has been visiting Saudi Arabia periodically since 1974 and had met with him before his accession to the throne.

"I have been impressed by King Abdullah's futuristic vision, credibility and transparency since I met him," he said.

The king's qualities have made the Saudi financial system win global trust in a world of economic turmoil, he added. He believed that all the developmental projects in the Kingdom have been launched after proper studies and will be greatly useful.

Speaking on the global economy, he said China is facing a crisis of shifting from external exports in order to cater for expanding internal consumption and Japan is facing a confidence crisis in terms of domestic debts and lack of desire on the part of the domestic market to continue international credit while Europe faces problems in the settlement of its dues.