Kingdom’s Council for Economic Development to spend $35bn on Saudi lifestyles by 2020
Thu, 2018-05-03 19:34
Saudi Arabias Council for Economic Development launched today its Quality of Life program to improve the lifestyle of Saudi Arabian citizens and the lives of individuals and families in the country.
The Quality of Life agenda is considered one of the tenets of the Vision2030.
The program with a budget of more than $35 bln, aims to provide the basis for better Saudi participation in the cultural, entertainment and sporting activities, in addition the programme hopes to create employment opportunities as well as provide various investment possibility that will improve Saudi cities international ranking.
The launch of the Quality of Life Program 2020 comes after efforts by the Crown Prince and the Chairman of the Council of Economic and Development Affairs to achieve the objectives of the Kingdoms Vision2030.
Prince Mohammed is keen to make the Kingdom's economy more diversified and Saudi Arabia's society more vibrant.
The council said it will spend $34.6 billion on the program, and that more than half of it will be spent on direct investments in the program.
The government will contribute $13.3 billion until 2020, and investments available to the private sector will be around $6.3 billion. This does not include funds earmarked for the Al-Qiddiya Project, the Red Sea Project, Al-Dariyah Gate Project, Historical Jeddah Project, Royal Commission for Al-Ula.
The Economic and Development Council hopes that the "Quality of Life 2020" programs will propel Saudi Arabia's city ranking to the top in the world by 2030 through improving the lifestyle of its citizens and expatriate residents. This will be achieved by improving infrastructure that help wellbeing of citizens.
Quality of Life 2020 aspires, the council said, to provide "economic and investment opportunities for sustainable growth and development."
Creative industries have proved to be key drivers of economic growth around the world. There are many opportunities for these sectors to thrive in the Kingdom; the number of funding models will be developed in order to stimulate the private sector to invest, in both capital expenditures and operating expenses.
The program relies on basic pillars according to Saudi Economic and Development Council that supports the improvement of infrastructure and lifestyle with other enablers to reach the desired goals, with contribution from residents and citizens alike to work together for a high quality lifestyle options.
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