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Sun 7 Mar 2010 06:25 PM

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Saudi Arabia to promote private sector - King

Kingdom seeking to lower its dependence on oil and continue policy of 'moderation'.

Saudi Arabia to promote private sector - King
PRIVATE GROWTH: Saudi Arabias King Abdullah said that the country would continue to encourage private sector growth and moderate oil policy. (Getty Images)

Top OPEC exporter Saudi Arabia has been largely unaffected by a global financial crisis and will continue to encourage private sector growth and pursue a moderate oil policy, King Abdullah said on Sunday.

"Thanks to God, we have not been much affected by the crisis," King Abdullah told the Gulf Arab state's quasiparliament, the Shura Council, according to a speech carried by the state news agency SPA.

He said the kingdom, a member of the G20 group which is seeking to lower its dependence on oil, would continue to help drive private sector growth.

King Abdullah said: "We will not stop to create the appropriate climate to have participation of private sector institutions and its growth with God's help."

Saudi Arabia would also continue its policy of "moderation" in oil policy after having helped with its policy to limit the impact of the global crisis on stability of oil markets and producers and consumers. (Reuters)

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