By Innovation-sa on May 8, 2018 in News
The Council of Economic and Development Affairs (CEDA), unveiled the $34.6 billion Quality of Life Program 2020, an initiative to promote entertainment, health, sports, education and other activities that contribute to the quality of life, job creation, as well as to encourage investment opportunities and diversification of economic activities, while raising the status of Saudi cities among the best cities in the world.
The Quality of Life Program 2020, is one of the Vision Realization Programs 2030 approved by the Council of Ministers as part of the modernizing drive led by Crown Prince Muhammed bin Salman.
The program aims at raising at least three Saudi cities to the list of top 100 cities in the world to live in by 2030 by developing strong infrastructure in the major cities, providing comprehensive services to the population to meet their living needs, providing a social framework that enables citizens and residents to interact, offering high-quality and diverse lifestyle options, encouraging people to interact and ensuring their participation in activities and events.
The government will spend more than SR50 billion to support the program until 2020, while investments available to the private sector are around SR23.7 billion for the same period through 220 initiatives adopted by the program till 2020.
Moreover, the program aims to achieve non-oil GDP growth in related sectors by 20 percent per year till 2020, while the contribution of local content in the relevant sectors will hit 67 percent by 2020. The initiative aims to create more than 300,000 new jobs by 2020 and generate a non-oil revenue of SR1.9 billion.