Saudi Arabia is poised to achieve a better economic growth rate in 2014 compared to 2013, Finance Minister Ibrahim Al-Assaf said on Thursday.

“We expect a healthy economic performance in 2014 and it will be better than that of last year,” he said.

Speaking to Al-Arabiya news channel on the sidelines of World Economic Forum in Davos, he said the private sector’s contribution to the gross domestic product in 2014 would reach 60 percent.

Al-Assaf, who led the Saudi delegation to the forum, gave a brighter outlook of the global economy, despite the obstacles facing some countries. “The US economy is improving while the European economy is moving forth like that of Japan and China.”

Asked about government spending and investment, Al-Assaf said it would focus on infrastructure projects.

The state-owned Public Investment Fund, he said, has invested in a number of companies. “Most of them are holding companies and its shares will be sold to citizens when they are ready for IPOs.” He said the government was focusing on local investment.

Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority, who was also present in Davos, said foreign investors in the Kingdom should create added-value jobs and ensure transfer of technology.

“If they fail to fulfill these conditions within a grace period of 18 months, their licenses will be canceled,” he said, highlighting the Kingdom’s investment-friendly climate and incentives given to investors.