SAMA optimistic about private sector growth, says official

Economic indicators have fueled the optimism for growth in the Saudi private sector for the next few years, according to Deputy governor for censorship of Saudi Arabian Monetary Authority (SAMA), Dr. Fahad Ibrahim Alshatri.

“SAMA follows an investment policy that includes preserving capital and liquidity, and achieve a revenue that is in line with the risks,” Dr. Alshatri said at the Euromoney Saudi Arabia 2019.

He also said that investing SAMA’s reserves depends on diversifying assets to achieve objectives, and increasing revenue through focusing on mid- and long-term investments.

With regards to insurance sector, Dr. Alshatri said that the contribution of insurance sector to the Kingdom’s GDP is still below expectations.

“It’s is on the right way and is key for the finance sector. The capital increase of insurance firms will consolidate the sector and help meet all requirements of local economy,” he noted.

Dr. Alshatri also said that merger between insurance firms is important as it creates mega entities to fulfill the requirements of the next phase.