Economy Snapshot from Finance Minister Al Assaf

April 23, 2012

Saudi Arabia’s Minister of Finance Ibrahim Abdulaziz Al Assaf gave his assessment of the Kingdom’s economy in an interview with KippReport yesterday. He talked about the strength of the economy — “performing very well”; and risks ahead for the Saudi economy — “moving in the same direction”, and the global economy — “this is another issue which will take a long time to talk about.” Minister Al Assaf mentioned the industrial sector in particular when asked about areas of the economy where he was enthusiastic.

“The industrial sector is the real excitement for us, which is growing at a rate of 15 per­cent, which is not a joke. The other one is service sector, like the financial services or the restaurant and hotels or other services in the economy. A particular sector that we are excited about is the mineral resource sector, as you know we are going through huge investments in the mineral resource centre, particularly Phosphates, bauxite, and aluminum and other basic minerals, and core extractions such as cement. We are having a number of initiatives in that area, which, in my view, will lead to a si­tuation in the future where the mineral re­sources or the minerals will contribute to the GDP of the country.”

Complete interview:


Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf
Born: 1949
Education: PhD in Economics, Colorado State University, Fort Collins, Colorado, USA; MA in Economics, Denver University, Colorado; BA in Economics and Political Science, King Saud University, Riyadh.
Positions Held: Lecturer in principles of economics 1971-1982, then associate professor of economics and head of the Department of Administrative Sciences 1982-1986 at King Abdul Aziz Military College in Riyadh; guest lecturer 1982-1983 at the College of Command and Staff; part-time advisor to the Saudi Development Fund 1982-1986; alternate Saudi executive director at the International Monetary Fund (IMF) 1986-1989; Saudi executive director on the executive board of the World Bank Group 1989-1995; vice-governor of the Saudi Monetary Agency June to October 1995; Minister of State and Member of the Council of Ministers October 1995 to January 1996; Minister of Finance and National Economy 1996-2003; Minister of Finance since May 2003.


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