Saudi Arabia will continue fiscal reforms, says Al-Jadaan

Saudi Arabia will continue its fiscal reforms to boost economy, after cutting deficit to 5 percent of gross domestic product (GDP) down from 9 percent, Minister of Finance Mohammed Al-Jadaan said on the sidelines of World Economic Forum in Davos.

"Investments are ongoing. Five mega projects have been awarded to the private sector over the last three months in infrastructure, energy, water treatment, desalination and healthcare," Al-Jadaan said.

He added that he expects more investments to be unveiled in the next four months.

“Our non-oil revenue has grown significantly in the last four years, three times, 300 percent. We intend to continue our fiscal reform, and control our deficit, and, so far, we have been very successful,” Al-Jadaan said.

The Kingdom has successfully implemented other structural reforms, including the laws of bankruptcy and commercial courts.

It is planning more spending to push growth in local economy and the private sector, and to provide more jobs, he concluded.