Saudi non-oil private sector investments 'key' in driving growth: IMF

The International Monetary Fund (IMF) said that robust non-oil private sector investments in Saudi Arabia will be the main factor in driving growth.

This comes with support from accelerating non-oil activities, including various major projects that underpin and further strengthen the wholesale, retail, construction, and transport sectors, it added in a report.

The IMF also stated that the issuance of sukuks and bonds helps Saudi Arabia diversify its long-term financing options, indicating that the Kingdom still relies on international markets, while the local debt markets are gradually deepening.

It pointed out that the business environment in Saudi Arabia has witnessed a significant improvement through various ongoing reforms, which will likely lure more foreign direct investments.