Friday, Oct 14, 2011
RIYADH (Zawya Dow Jones)-Saudi Arabia, the Arab world's largest economy, is studying acquisitions around the world, but is waiting for the global economy to stabilize before making any definite moves, CNBC reported Friday quoting the country's finance minister.
"Obviously, the current period would offer opportunities from all over the world," Ibrahim al-Assaf told the news channel. "We are constantly reviewing opportunities now and in the future."
Al-Assaf, however, declined to say whether the kingdom, a member of the G20 group, would prefer assets in Europe or the U.S.
"The government funds but also the private sector are waiting to see when they will jump in," he said. "When the signals are that the world economy has started stabilizing, and perhaps moving upwards, that would be a very good time."
Saudi Arabia, the world's top oil exporter, has filled its coffers with income from high crude prices in recent years, enabling the kingdom to push ahead with large-scale spending plans aimed at diversifying the local economy and creating jobs for a young and growing population.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
14-10-11 0903GMT
