Saudi Arabia’s plans to diversify its economy were welcomed by the International Monetary Fund’s Middle East chief on Tuesday but he told CNBC that Saudi also needed to focus on attracting private investment.
Masood Ahmed, director of the IMF’s Middle East and Central Asia department, told CNBC Tuesday that he welcomed Saudi Arabia’s announcement the previous day of a plan to diversify its economy away from oil. However, he added that he hoped the kingdom and its Gulf neighbors would seek more private investment.
“I think it is the right approach in the sense of the level of ambition and also in terms of the comprehensive scope because, really, Saudi Arabia’s economy is facing major challenges.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.