RIYADH (March 7): Saudi Arabia has promised to launch major development projects towards the end of 2017 to re-energise an economy which has been hit by austerity measures, industry sources told Reuters. Deputy Crown Prince Mohammed bin Salman, the kingdom's top economic official, made the commitment at a recent meeting with a delegation representing the Saudi private sector, the sources, who spoke on condition of anonymity, said. The complaints underline growing pressure on the government as austerity policies in response to low oil prices enter their third year. The ten businessmen, who head the top business associations in the kingdom, told Prince Mohammed that only 17 percent of listed companies saw their profits grow in 2016, while 46 percent saw profits fall and 37 percent suffered losses. Prince Mohammed said that without austerity measures, the country would not be able to pay state employees.

Source: The Edge Markets March 07, 2017 16:41 UTC