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.”
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