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16 MaY 2018 issUe 104
Saudi Arabia's US$13.3bn investment plan Saudi Arabia's government has revealed plans to invest SAR50bn (US$13.3bn, €11.2bn, £9.9bn) into entertainment, health, sports and education initiatives, as the country attempts to modernise and improve its citizens' quality of life. Announced on 3 May by the Kingdom's General Entertainment Authority (GEA), it is understood that the investment will generate upward of 300,000 jobs by 2020. “Government spending on the initiatives will total around 60 per cent of the investment, with 40 per cent from the private sector,”
■■Saudi Arabia wants to reduce it reliance
said Ahmed al-Khatib, GEA chair.
on oil with new entertainment ventures
“The entire benefit from this big spending will be for the private
By 2030, Saudi Arabia wants to have
sector, and this supports the 2030
more than 450 clubs providing a
Vision that strengthens its role.”
variety of cultural activities and events,
three theme parks, a waterpark, museums
spending on recreation to 6 per cent.
The entire benefit from this big spending will be for the private sector
and more cinemas as part of the initiative.
More: http://lei.sr?a=p8a3u_t
Ahmed al-Khatib, GEA chair
In the announcement, Khatib listed
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