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Saudi Arabia: Quality of Life Program 2020 Broadens Economy's Productivity

Governor of Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim al-Omar (SPA)
Governor of Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim al-Omar (SPA)
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Saudi Arabia: Quality of Life Program 2020 Broadens Economy's Productivity

Governor of Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim al-Omar (SPA)
Governor of Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim al-Omar (SPA)

Council of Economic and Development Affairs launched the "Quality of Life Program 2020" with a total expenditure of SR130 billion and aims at achieving 20 percent growth in gross domestic product, according to Governor of Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim al-Omar.

The Program also contributes to local content in the relevant sectors by 67 percent as one of the outcomes of Vision 2030 and its multiple achievements with its three axes: "more prosperous economy, vibrant Saudi society, and ambitious country."

The engineer noted the positive impact of the Program in encouraging the private sector and foreign investors to invest in many vital markets related to improving the quality of life.

The main objective of the Program 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, indicated Omar.

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 Program 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 Program encourages the private sector and foreign investors to play a major role in various sectors, namely the entertainment sector which is considered one of the sectors targeted in the strategy of the General Authority for Investment.

To achieve this, the Program seeks to create a water park, 3 theme parks and 16 family entertainment centers by 2020.

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Oil Steady as Investors Shift Focus to Demand Signals

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Steady as Investors Shift Focus to Demand Signals

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices edged higher on Thursday as investors remained cautious about the Iran-Israel ceasefire and shifted their attention to market fundamentals after a stockdraw in the United States.

Brent crude futures rose 34 cents, or 0.5%, to $68.02 a barrel by 1055 GMT US West Texas Intermediate crude gained 35 cents, or 0.5%, to $65.27 a barrel.

Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient. US demand. Brent futures are trading below their close of $69.36 on June 12, the day before Israel started air strikes on Iran, Reuters reported.

Investors are shifting their focus to macroeconomics and oil balances, while monitoring the Israel-Iran truce, said PVM analyst Tamas Varga.

UBS analyst Giovanni Staunovo said oil prices had tracked equity markets so far on Thursday, while ANZ analysts said the US driving season had started slowly but was now stoking demand.

US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw.

Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.

On Saturday, Igor Sechin, the head of Russia's largest oil producer Rosneft, said OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.

Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.

Trump also said on Wednesday that the US was maintaining maximum pressure on Iran - including restrictions on sales of Iranian oil - but signalled a potential easing in enforcement to help the country rebuild.