RIYADH, Saudi Arabia - Saudi Arabia's economy minister says the kingdom projects telecom investment will hit around 37 billion riyals ($9.9 billion) in 2013.

Khaled Al Gosaibi said Monday that investment in boosting and developing the sector had reached 22.3 billion riyals in 2009. He said that the oil rich kingdom projects that investment to grow to 50 billion riyals in 2015.

Al Gosaibi's remarks came during the first day of a telecom conference and trade show in the Saudi capital.