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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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Gold Prices Climb as Investors Focus on US Economic Data

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
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Gold Prices Climb as Investors Focus on US Economic Data

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo

Gold prices inched higher on Wednesday, with investors awaiting US economic data that could influence the Federal Reserve's rate-cut timeline.
Spot gold was up 0.3% at $2,416.62 per ounce, as of 0402 GMT. US gold futures gained 0.4% to $2,417.10, Reuters reported.
Investors expect key US data releases this week, including the second-quarter gross domestic product (GDP) reading on Thursday and the June personal consumption expenditures (PCE) price index number on Friday, to offer more cues about the rate-cut timeline.
"If either the GDP or core PCE figures produce an upside beat, this could provide a stumbling block for gold in the short term on dollar strength," said Tim Waterer, KCM Trade's chief market analyst.
But "the near-term outlook for gold remains constructive from a fundamental point of view, given that the Fed appears to be on the doorstep of a rate cut."
The Fed will cut interest rates just twice this year, in September and December, as resilient US consumer demand warrants a cautious approach despite easing inflation, according to a growing majority of economists in a Reuters poll.
Bullion prices scaled an all-time high of $2,483.60 last week amid rising bets of rate cuts. Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Spot gold may break resistance at $2,417 and bounce further to $2,432, according to Reuters technical analyst Wang Tao.
Meanwhile, India slashed import duties on gold and silver to 6% from 15%, which ANZ said should support jewelry manufacturing in the world's second-biggest consumer of bullion and add to an already favorable backdrop for demand.
Spot silver rose 0.2% to $29.28 per ounce.
"Growth estimates in photovoltaic panel usage have been markedly revised higher, resulting in silver demand draws far exceeding supply. A price squeeze within a few years is becoming more likely," Sprott Asset Management said in a report.
Platinum firmed 0.3% to $945.73 and palladium steadied at $925.64.