The Council of Economic and Development Affairs (CEDA) launched the (#Quality of #Life Program 2020), as part of Vision Implementation Programs 2030, which was approved by Saudi Arabia's Council of Ministers, SPA and Saudi Gazette reported.
The ambitious programme aims to promote new options that enhance participation in cultural, entertainment, sports and other appropriate activities that contribute to quality of life, job creation, as well as to encourage investment opportunities, and diversifying economic activities, while enhancing the status of Saudi cities in the ranking of the best cities in the world.
Total expenditures in the sectors related to the #Quality of #Life Program 2020 reaches SR130 billion ($34.6 billion), of which SR74.5 billion ($19.8 billion) is the total direct investments in the programme.
The government capital expenditure is more than SR50 billion ($13.3 billion) until 2020, and investments available to the private sector around SR23.7 billion ($6.3 billion) for the same period through 220 initiatives adopted by the programme up to 2020.
This does not include all forms of capital expenditure in major projects such as Al Qiddiya Project, the Red Sea Project, Al Dariyah Gate Project, Historical Jeddah Project, Royal Commission for Al Ula and other projects, in addition to all related projects of the private sector, with total investments exceeding SR86 billion ($23 billion).
The #Quality of #Life Program 2020 aims to achieve non-oil gross domestic production growth in the related sectors by 20 per cent per year until 2020, and the contribution of local content in the relevant sectors by 67pc until 2020.
The programme indicators within macroeconomic measures up to 2020 includes creating more than 346,000 jobs and generated non-oil revenues of SR1.9 billion ($0.5 billion).
The overarching goal of the #Quality of #Life Program 2020 is to include at least three Saudi cities in the list of top 100 cities in the world to live in by 2030.
While the overall aspiration refers to three cities in the kingdom, this programme pursues the improvement of the lifestyle of citizens and residents throughout Saudi Arabia in general, through the development of different lifestyles, improvement of infrastructure, and the expansion of various sectors concern the wellbeing of citizens.
#Quality of #Life 2020 aspires to provide economic and investment opportunities for sustainable growth and development. Creative industries have proved to be key drivers of economic growth around the world. There are many opportunities for these sectors to thrive in the kingdom; number of funding models will be developed in order to stimulate the private sector to invest, in both capital expenditures and operating expenses.
The programme encourages the private sector and foreign investors to invest in many vital markets related to improving the quality of life. The main objective of the programme is to increase the involvement of the private sector in the development of the strategy by improving participation in vital areas that require high capital expenditures, and the return on investment is initially low, encouraging private sector investment in the future.
In addition, the programme provides all necessary (non-financial) factors to reduce investment risks. This is by removing all non-financial obstacles limiting private sector participation in quality of life sectors, such as regulatory risks, legal frameworks, etc. The programme ensures that the regulatory and governance framework is updated and that legal texts are updated to support investment in sectors related to programme scope.
The provision of incentive packages to compensate for gaps in profitability in some sectors was also taken into account to stimulate private sector participation, while ensuring effective and proactive management of private sector participation opportunities by identifying and linking investors and investment opportunities in all sectors.
The programme aims to provide 492 suitable places for sport as well as increasing the utilisation of sports facilities from 8pc to 55pc. It also aims to contribute to the distinction of Saudi sport globally, initially, by preparing number of elite athletes in the kingdom and improve their performance to participate effectively in the Olympic Games.
In the context of school sports, the programme promotes the athletic participation of girls on school scale. The programme aims at 325,000 girls participating in physical education classes, qualifying 7,500 teachers and preparing 1,500 schools with gyms.
The programme contributes to the development and diversification of entertainment opportunities in the kingdom in order to provide various activities to suit all society segments in different regions.
To achieve this goal, the programme encourages the private sector and foreign investors to play a major role in the construction of entertainment facilities. It seeks to create a water park, three theme parks and 16 family entertainment centres by 2020.
The programme also promotes the kingdom's contribution to arts and culture through the elevation and development of seven cultural and artistic fields (visual arts, performing arts, film-making, poetry, design and national heritage).
By focusing on refining the talents of artists and amateurs, increasing and improving the quality of domestic production, and enhancing the kingdom's international presence in the arts and culture. In this context, the programme pursues the establishment of an island for arts and culture in Jeddah, 45 cinemas, 16 theatres, 42 libraries and the Royal Arts Complex in Riyadh by 2020 to promote arts and culture sector in Saudi Arabia.
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