Saudi investments in large-scale projects cross $685 bln

Saudi Arabia has invested over $685 billion in large-scale projects, as part of its Vision 2030 initiative to boost and diversify its economy, the Council of Saudi Chambers said in a report launched to commemorate the 88th Saudi National Day.

The report highlighted the major achievements of 2017 such as the launch of $500 billion NEOM, lifting of the ban on women driving, the establishment of the General Authority for Cyber Security and numerous royal decrees providing financial support to Saudi citizens.

Additionally, the report detailed the important decisions related to the Saudi business sector including the launch of a private sector incentive program with a value of SAR 72 billion, the privatization of 10 government sectors and the establishment of the General Authority for Real Estate.

According to the chamber’s report, the private sector is showing a strong performance as an active partner in the overall development process and realizing the vision of 2030. In fact, the contribution of the non-oil private sector to GDP jumped from SAR 11.5 billion in 1970 to  SAR 1.24 billion in 2017, contributing 39 percent to the gross domestic product (GDP).

The report also reviewed the private sector’s efforts to support the diversification of the local economy and lower unemployment rates, supporting Saudization drive, as well as providing education and health services.

Correction: An earlier version of this article incorrectly stated that Saudi Arabia has invested over SAR 685 billion ($183 billion) in large-scale projects.