Saudi central bank shrugs off weaker growth forecast as tourism sector heats up

The governor was speaking on the sidelines of the G-20 Conference on Domestic Capital Markets Development in Riyadh, Saudi Arabia. The kingdom assumed the G-20 presidency for 2020 last month.

"This is a step in the right direction when it comes to economic diversification," Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, told CNBC's Dan Murphy in an exclusive interview on Thursday. "The presidency is coming at a time when the global economy is at a crossroad," Alkholifey said, citing rising geopolitical tensions, worries over trade and vulnerabilities in the financial sector as top global concerns in the year ahead.The Middle East also faces concerns of its own.

"We are not far from that reading coming from the IMF. However, we might be more optimistic when it comes to the private sector – coming from the tourism sector," Alkholifey said.

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