Commercial tower to support relief projects

Updated 27 December 2012
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Commercial tower to support relief projects

The International Islamic Relief Organization, Saudi Arabia (IIROSA) has signed a contract with a national construction company to build a commercial tower in Ibrahim El-Khalil Street near the holy mosque in Makkah. Ehsaan Saleh Siraj Taieb, acting secretary-general of IIROSA, said the 19-story tower would have a total buildup area of 2,034 sq.m and 328 rooms that could accommodate up to 1,400 worshippers. “It will have all the conveniences and services offered by big hotels, including restaurants, car parks, and spacious, well-furnished rooms,” he said. The project would be completed in 20 months.
The cost of the tower is estimated at about SR 47,660 million, which should render annual returns of about SR 9 million that would be used to finance the organization’s humanitarian and development projects. Taieb said: “This tower will enhance the social programs of the organization. These support community development projects including Ramadan free meal, Eid clothing and individual assistance.”


Green light for crown prince-led Saudi privatization program

Updated 41 min 29 sec ago
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Green light for crown prince-led Saudi privatization program

  • The Privatization Program is one of 12 key elements of the Saudi Arabia’s Vision 2030
  • The program is aimed at increasing job opportunities for Saudi nationals

RIYADH: Saudi Arabia’s Council of Economic and Development Affairs on Tuesday approved the Privatization Program that is one of 12 key elements of the Kingdom’s Vision 2030. 

The program is aimed at increasing job opportunities for Saudi nationals, attracting the latest technologies and innovations, and supporting economic development.

It encourages both local and foreign investment in order to enhance the role of the private sector, with government entities adopting a regulatory and supervisory role. The aim is to increase the private sector’s contribution to GDP from 40 percent to 65 percent by 2030. 

The program will aim to reach its objectives through encouraging the private sector to invest in establishing new schools, universities and health centers, while the government pursues its organizational and supervisory role in health and education.

The privatization program aims to benefit from previous success stories, with the private sector’s collaboration in the development of infrastructure, and its involvement on a large scale in sectors such as energy, water, transport, telecommunications, petrochemicals and finance.

The program sets out a series of objectives in three areas: Developing a general legal framework for policies related to privatization; establishing organizational foundations and dedicated institutions to execute the policies; and setting a timescale for their delivery. 

The Council of Economic and Development Affairs is headed by Crown Prince Mohammed bin Salman.