Saudi Arabia's public pension agency invested SR2 billion ($533.3 million) in the kingdom's stock market in March, its governor said on Tuesday.

'We bought (stocks) worth 2 billion riyals ... we will keep investing. The market is promising,' Mohamed al-Kharashi told Reuters on the sidelines of a conference.

He said the agency invested in the bank, telecom, pharmaceutical and cement sectors.

'Our asset management strategy is 47 per cent external and 53 per cent internal. Our investment strategy is open both ways but we focus on maximising internal investments,' he said.

Kharashi said all its investments are 'secure and intact' adding the agency invested abroad in the Europe, the US and emerging markets.

Public revolts against autocratic regimes and economic hardship has swept through the Arab world and overthrown regimes in Egypt and Tunisia.

Earlier on Tuesday Saudi Arabia's finance minister Ibrahim Alassaf said he expects the kingdom to overspend its 2011 budget by 10 to 15 per cent, and sees economic growth at over 4 per cent.  – Reuters