The International Monetary Fund (IMF) said that non-oil private sector investments in Saudi Arabia will be the main factor in driving economic growth in the country.
“The acceleration of non-oil activities supports investments in this sector, especially projects in the wholesale, retail trade, construction, and transportation sectors,” the IMF said.
“Issuing bonds and sukuk helps the Kingdom diversify financing options, specifically long-term ones; although Saudi Arabia still relies on international markets, the domestic debt markets are gradually deepening,” the IMF added.
“The business environment in Saudi Arabia has witnessed a significant improvement through various ongoing reforms, expected to help attract more foreign direct investments,” the IMF said.
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