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Saudi Arabia Invests $ 385 Billion in Development Projects
Global Arab Network | Saudi Arabia Invests $ 385 Billion in Development Projects | Economics
Saudi Arabia has announced a five-year plan budgeted at $385 billion to build schools, hospitals, housing and other infrastructure projects , the Saudi Press Agency (SPA) reported.
The kingdoms 1.44-trillion Saudi riyal ($385-billion) plan exceeds its previous five-year development plan by 67 per cent, SPA said.
Saudi Minister of Economy and Planning Khalid bin Mohammed Al-Gosaibi confirmed today that the Kingdom of Saudi Arabia's 9th development plan 2010 - 2014 was designed according to a long-term strategic vision that aims at achieving sustainable development.
Taking the speech of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud which he delivered before the Shoura Council's opening session of its second year of the fourth round as a guide, the plan focused on comprehensive development.
Al-Gosaibi said the plan aims at providing public services to the people in all parts of the country, combating poverty and spreading education and making housing, work and medical treatment available for every one.
He added that the plan aims at augmenting economic growth, human resources development and diversifying economic base.
In a statement to the Saudi Press Agency, the minister said that among the main characters of the plan was that it was interested in matters very close to the economic process; cultural issues, enhancing the capability of competitiveness, the transfer to knowledge economy and issues of youths and development.
He said the 9th development plan represents the second round of the long-term current strategy for the Saudi economy which stretches for 15 coming years.
He added that the plan was also interested to accommodate the accelerating economic and technological developments witnessed by today's world.
He said the plan also underscored the importance of expanding investment in infrastructure projects and its maintenance, developing human resources, natural resources and water resources, the environment protection projects and continuing the efforts of economic reforms and constitutional and administrative development.
Despite the negative impact of the international crisis, the plan has laid firm economic and administrative bases, the minister said, adding that the plan aims at reaching an annual growth rate of 5.2 % for the Gross Domestic Product according to fixed prices in 1999.
He said the plan aims at achieving quantitative and qualitative services for the citizens in the health, education, training, water, electricity ad housing fields.
He explained that it targets opening and operating 117 hospitals, 750 primary health care centers and 400 emergency centers, bringing to 5.31 million female and male students the capacity of the school system, bringing to 1.7 million the capacity of government universities and colleges, opening 25 new technological colleges, opening and equipping 28 high technological institutes and 50 industrial vocational institutes, increasing the annual capacity of water desalination stations to around 2070 million cu.m. by 2014, executing 12,000 kilometers of sanitary networks, completing power distribution networks for 1.3 million new subscribers, establishing one million residential unites by the public and private sectors and providing 266 million sq.m. of lands for building residential projects on them.
During the global financial crisis two years ago, Saudi Arabia announced a $400 billion stimulus plan, the biggest of any government as a percentage of gross domestic product
(SPA, QNA)
Global Arab Network | Saudi Arabia Invests $ 385 Billion in Development Projects | Economics
Saudi Arabia has announced a five-year plan budgeted at $385 billion to build schools, hospitals, housing and other infrastructure projects , the Saudi Press Agency (SPA) reported.
The kingdoms 1.44-trillion Saudi riyal ($385-billion) plan exceeds its previous five-year development plan by 67 per cent, SPA said.
Saudi Minister of Economy and Planning Khalid bin Mohammed Al-Gosaibi confirmed today that the Kingdom of Saudi Arabia's 9th development plan 2010 - 2014 was designed according to a long-term strategic vision that aims at achieving sustainable development.
Taking the speech of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud which he delivered before the Shoura Council's opening session of its second year of the fourth round as a guide, the plan focused on comprehensive development.
Al-Gosaibi said the plan aims at providing public services to the people in all parts of the country, combating poverty and spreading education and making housing, work and medical treatment available for every one.
He added that the plan aims at augmenting economic growth, human resources development and diversifying economic base.
In a statement to the Saudi Press Agency, the minister said that among the main characters of the plan was that it was interested in matters very close to the economic process; cultural issues, enhancing the capability of competitiveness, the transfer to knowledge economy and issues of youths and development.
He said the 9th development plan represents the second round of the long-term current strategy for the Saudi economy which stretches for 15 coming years.
He added that the plan was also interested to accommodate the accelerating economic and technological developments witnessed by today's world.
He said the plan also underscored the importance of expanding investment in infrastructure projects and its maintenance, developing human resources, natural resources and water resources, the environment protection projects and continuing the efforts of economic reforms and constitutional and administrative development.
Despite the negative impact of the international crisis, the plan has laid firm economic and administrative bases, the minister said, adding that the plan aims at reaching an annual growth rate of 5.2 % for the Gross Domestic Product according to fixed prices in 1999.
He said the plan aims at achieving quantitative and qualitative services for the citizens in the health, education, training, water, electricity ad housing fields.
He explained that it targets opening and operating 117 hospitals, 750 primary health care centers and 400 emergency centers, bringing to 5.31 million female and male students the capacity of the school system, bringing to 1.7 million the capacity of government universities and colleges, opening 25 new technological colleges, opening and equipping 28 high technological institutes and 50 industrial vocational institutes, increasing the annual capacity of water desalination stations to around 2070 million cu.m. by 2014, executing 12,000 kilometers of sanitary networks, completing power distribution networks for 1.3 million new subscribers, establishing one million residential unites by the public and private sectors and providing 266 million sq.m. of lands for building residential projects on them.
During the global financial crisis two years ago, Saudi Arabia announced a $400 billion stimulus plan, the biggest of any government as a percentage of gross domestic product
(SPA, QNA)
