Saudi Arabia’s tenth five-year development plan (2015-19) will target an annual growth rate of 5%, Saudi Minister of Economy and Planning Muhammad al-Jasir said at the Euromoney Saudi Arabia conference held earlier this week in Riyadh.

The minister added that the kingdom should adopt new “qualitative measures” to improve the process of economic development, signaling a shift of emphasis from its drive to raise living standards by merely spending on welfare. (CONTINUED - 633 WORDS)