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.
