Saudi Arabia Funds 17 New Development Projects in Health, Education, Hospitality Sectors

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Time : August 01, 2018

Parties signing financing agreements in Riyadh on Tuesday, July 31, 2018. SPA

Riyadh- Shujaa al-Bogmi –
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The Saudi Ministry of Finance signed on Tuesday financing agreements for 17 projects in health, education and hospitality sectors with loans amounting to SR755.8 million ($201.5 million).

The new agreements are part of the Kingdom’s efforts towards the private sector, in accordance with the objectives of Vision 2030 that calls for diversifying the country’s economy, creating more jobs and increasing GDP growth rates.

The total investment in these projects amounted to SR1.54 billion ($410.6 million).

They are part of the local lending program offered by the government to enhance basic services for citizens, and they aim to encourage private sector investment in service projects.

The agreements were signed by Deputy Minister of Finance for Revenues Tareq Abdullah al-Shuhaib, in the presence of Assistant Undersecretary for Revenue Control Mohammed al-Mulla, the project owners and a number of officials from the Ministries of Health, Education, Finance, the Saudi Commission for Tourism and National Heritage, the Saudi Industrial Development Fund and the Small and Medium Enterprises General Authority.

Deputy Minister of Finance Dr. Hamad bin Suleiman al-Bazai emphasized that the private sector is one of the main pillars of the national economy and a strategic partner in development.

Bazai stressed that this move supports the participation of this vital sector in the comprehensive development plans in accordance with the objectives of Vision 2030.

Following the signing of the agreements, a press conference was held to discuss the local lending program and the financing agreements for development projects under the program’s umbrella, as well as their strategic plans as part of Vision 2030.

Shuhaib explained that the agreements stipulate the establishment of eight health projects, including hospitals and medical complexes in Riyadh, Dammam, Abu Arish, Jeddah, Abha and Buraydah, as well as eight other educational projects consisting of schools, universities and colleges in Riyadh, Madinah, Jeddah and Dammam.

They also include a hospitality project for a three-star hotel in Jizan.

This article was first published in  Asharq Al-Awsat

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