Saudi Arabia Implements Mechanisms to Ensure Financial Sustainability of Riyadh’s Infrastructure Center

 Several mega projects are being implemented in the capital, Riyadh. (SPA)
Several mega projects are being implemented in the capital, Riyadh. (SPA)
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Saudi Arabia Implements Mechanisms to Ensure Financial Sustainability of Riyadh’s Infrastructure Center

 Several mega projects are being implemented in the capital, Riyadh. (SPA)
Several mega projects are being implemented in the capital, Riyadh. (SPA)

Following a decision to approve the establishment of the Center for Infrastructure Projects in Riyadh, the Saudi government has set appropriate mechanisms that guarantee the center’s financial sustainability.

According to information obtained by Asharq Al-Awsat, the Ministry of Finance, in partnership with the Government Expenditure and Projects Efficiency Authority, will study the government request for the center’s founding budget, at an amount of SAR 150 million ($40 million).

The study will include the operational and capital expenditures, the annual cash flows, and the mechanism for managing the amounts.

The government also directed the Ministry of Municipal, Rural Affairs and Housing, and the new center, to sign a joint memorandum of understanding that defines the necessary arrangements and mechanisms for the center to exercise the powers entrusted to it, and to specify the appropriate timetable for their implementation.

The Center for Infrastructure Projects undertakes the functions and powers of the Ministry of Municipal Affairs, the secretariat, and the municipalities of the region, which are related to infrastructure works and projects in the Saudi capital, including the issuance of licenses and permits and the collection of fees.

Other tasks include the temporary or permanent withdrawal, cancellation and suspension of permits, in addition to monitoring and inspecting works and taking the necessary actions in this regard.

The center’s financial resources will derive from the state’s general budget, the financial fees in exchange for the granted licenses and services, as well as fines and other resources that are approved by the Council in line with the regulations.



Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production
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Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production

The Saudi Ministry of Environment, Water and Agriculture announced a remarkable 47% increase in potato production in 2023, achieving a self-sufficiency rate of 86% with over 621,750 tons of potatoes produced compared to 423,770 tons in 2021.

This milestone was achieved after more than 17,000 hectares of land were cultivated with potatoes in 2023, up from 15,890 hectares in 2021. The potato production surge has positively impacted the manufacturing sector, stimulating investment and the use of advanced technologies.

According to the Ministry, overall vegetable production in 2023 reached 3.21 million tons, marking a 19% rise from 2020.

The significant improvement in agricultural productivity and its SAR109 billion contribution to the GDP are attributed to the Ministry's strategic initiatives focused on boosting self-sufficiency, attracting investments, and providing financial support, including increased financing rates for modern technology-based projects.

By prioritizing local production and reducing reliance on imports, the ministry aims to achieve the goals outlined in Saudi Vision 2030 and diversifying the national economy.