KSA Business: Saudi Arabia to pump $186bn into key development projects – Gulf Digital News

KSA Business: Saudi Arabia to pump $186bn into key development projects – Gulf Digital News

Saudi Arabia is investing more than SR200 billion ($53.2 billion) in various development projects in bid to boost infrastruture for vital sectors such as transport, water and energy, said King Salman bin Abdulaziz Al Saud, while delivering the annual Royal speech on the work of the third year of the eighth session of the Shura Council.

King Salman said in addition to this, the kingdom will be spending another SR500 billion ($133.34 billion) towards development of airports, sea ports, rail and other infrastructure over the next 10 years, in bid to make the kingdom a global transportation and logistics hub, reported Saudi Press Agency.

"Saudi Arabia is witnessing a comprehensive and sustainable development movement and it is proceeding in the second phase of the Kingdom’s Vision 2030, aiming to develop promising and new sectors in addition to supporting local content, facilitating the business environment, empowering citizens and engaging the private sector in these vital development projects," said King Salman.

"This comes as part of the kingdom's strategy to boost the effectiveness of implementation to achieve more success and progress, and meet the aspirations and ambitions of our people," he added.

In this regard, the Saudi King highlighted the National Development Fund, which was set