Saudi Arabia takes great economic strides under the leadership of King Abdullah

Fahd bin Abdullah Al-Mubarak, governor of the Saudi Arabian Monetary Agency, lauded Custodian of the Two Holy Mosques’ efforts in modernizing and developing the Kingdom’s economy.
In a speech delivered on the occasion of the 8th anniversary for King Abdullah’s ascension to the throne, Al-Mubarak said this is a great occasion to celebrate the nation’s achievements, displayed by its comprehensive developments and the realization of high growth rates across different sectors.
Al-Mubarak said statistics point out to the strident steps the Kingdom has taken, characterized by structural and administrative reform as well as the development of an attractive and competitive economy.
Between 2005 and 2010, the average real growth in the nonoil sector was pegged at 8.2 percent, while the balance of payments surplus stood at SR 3.1 trillion. Moreover, the public debt ratio to GDP fell from 39.2 percent at the end of 2005 to 3.6 percent by the end of 2012.
The local financial sector grew strongly during this period, despite the world economic crisis, as total assets increased twofold. In addition, the country witnessed the construction of numerous development projects in various fields such as infrastructure, telecommunications, water and electricity as well as health and educational services.
Under King Abdullah’s leadership and vision, the country embarked on an expansive foreign education program, with thousands of Saudi students traveling abroad to receive higher education in international universities.
Al-Mubarak also highlighted the Kingdom’s strong financial classification as international credit agencies categorized the country with solid ratings, the latest from the Fitch agency ranking the Kingdom –AA for its economic and financial policies.
Praising custodian of the Two Holy Mosques for his social policies, Al-Mubarak underlined his interest in the welfare of citizens and in addressing their housing problems, instituting salary increases, developing social funds to alleviate the burden of living costs, among a host of other initiatives.
He concluded by saying, “We ask God to bless custodian of the Two Holy Mosques and the crown prince and give them health and well-being. May the Kingdom enjoy more security and stability in the coming years under King Abdullah’s wise leadership.”