Wednesday , June 26 2019

Saudi invests $23bn to transform Riyadh

Bloomberg

Saudi Arabia plans to pour 86 billion riyals ($23 billion) into beautifying its capital, Riyadh, with projects expected to create tens of thousands of jobs and provide new leisure
opportunities in the city.
In addition to the kingdom’s investment, the projects will create opportunities for $15 billion in private sector financing, the government said. Preliminary design work is under way, and construction is to begin in the second half of the year, it said.
Saudi Arabia’s Crown Prince Mohammed bin Sal-man will head the committee overseeing the projects, which are designed to transform Riyadh into “one of
the world’s most livable cities,” according to a statement carried by the official Saudi Press Agency.
The projects include: King Salman Park, envisioned as one of the largest city parks in the world, including residential construction, hotels and an arts complex a Sports Boulevard spanning the city from east to west, with paths for bicycles, pedestrians and horses the display of works by local and international artists around the city a 16-fold increase of green space, per capita.
The plans are likely to be widely popular following energy subsidy cuts and new taxes implemented after the 2014 plunge in oil prices.
The news agency said that the plans are expected to create as many as 70,000 jobs for citizens, another feature likely to resonate positively in the economy.

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