Saudi Arabia aims to attain a seven per cent real growth in its non-oil economy as part of its long-term development strategy that could see the country’s GDP double in 2025, its economy minister has said.

Khaled Al-Qusaibi said the strategy adopted in 2005 to bring improvements in the quality of life for citizens targets even higher growth rates of 8.1 per cent in the country’s industrial sector and 7.4 per cent in services.

The minister gave the figures during his speech at the launch of the two-day Euromoney Saudi Arabia Conference in Riyadh this week. Nearly 1,000 officials and experts from 40 countries attended the meeting which covered to the new financial landscape and Saudi Arabia’s place on the global stage.

In his address, finance minister Ibrahim Al Assaf said the Kingdom’s financial sector had not seen any unusual activity despite the current turmoil sweeping the Middle East and North Africa.

“Financial and economic circumstances in the Kingdom have remained stable, and we have not seen any unusual financial movements despite the unprecedented events in the region,” Al-Assaf said.

“The Kingdom has continued with its huge investment programs, including investment expenditure in this fiscal year’s budget of SR265 billion.”

He said that actual expenditure would “exceed the allocated sum” as a result of decrees issued by King Abdullah over the past few weeks.

“The Royal Decrees focus on the most needy sections of society, in housing, soft loans and social welfare, and, for the first time, subsidies for the unemployed.” Al-Assaf said he expected Royal Decree expenditure to have an “additional positive impact” on local economic activities and growth in this and future years.

The two Royal decrees involve the spending of more than $130 billion in the next few years, including the construction of 500,000 houses and a monthly wage of SR2,000 for job-seekers in the first year of their job search.

Saudi Arabia is the world’s top oil supplier and the largest Arab economy, with its nominal GDP peaking at SR1,630 billion ($435 billion) in 2010.