Major projects, investments worth over SR685 billion unveiled on Saudi National Day

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A Saudi woman uses a driving simulator during a driving workshop for women in the Saudi capital Riyadh on June 21, 2018. (AFP)
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A photo taken on July 5, 2018, shows Bader al-Ajmi, 38,(L) owner of "One Way Burger" serving customers from his truck at a main street in the capital Riyadh. (AFP)
Updated 23 September 2018
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Major projects, investments worth over SR685 billion unveiled on Saudi National Day

  • The private sector’s contribution to the GDP at constant prices doubled to around SR1236.6 million in 2017

JEDDAH: A major economic boost in the form of 10 major projects and investments exceeding SR685 billion ($183 billion) were unveiled as celebrations of the 88th Saudi National Day got under way.
The Council of Saudi Chambers released a report focusing on great economic achievements in 2017.
These projects reflect the Kingdom’s vision under the wise leadership of King Salman and that of Crown Prince Mohammed bin Salman to provide a brighter future through diversifying sources of national income, tackling environmental challenges and increasing investment and prosperity.
The report summarized the most important events and economic developments in the Kingdom over the past year. These include the lifting of the ban on women driving in June, and the establishment of the General Authority for Cyber Security, in addition to the numerous royal decrees providing financial support to Saudis.
It also noted the important decisions related to the Saudi business sector. These include the launch of a private sector incentive program with a value of SR72 billion, the privatization of 10 government sectors and the establishment of the General Authority for Real Estate. The private sector is still showing a strong performance as an efficient partner in the inclusive development process and in the achievement of the Kingdom’s 2030 Vision, the report noted, as it contributes 39 percent to the Saudi gross domestic product (GDP).
The private sector’s contribution to the GDP at constant prices doubled to around SR1236.6 million in 2017. There has been increased contribution to GDP from non-oil private sector streams.
The private sector also witnessed an increase in the number of workers, in its capital, in the number of shares on the Saudi market, in the cumulative number of establishments operating in the Kingdom, and in non-oil exports.
Continued growth of the private sector was attributed by the report to the Saudi government’s support. This support comes through initiatives such as the removal of obstacles to financial development, improvements to the working environment and policies adopted to boost investment.
It also reviewed the private sector’s efforts to support diversification of the economy and lower unemployment rates.
The importance of the measures taken to prioritize the employment of qualified Saudi workers over the employment of expatriates in the private sector were stressed, as well as the sector’s role in providing education and health services.


Unique Riyadh car race brings in enthusiasts from all around

It is not hard to get anyone on to the track — the hardest thing is to get them back again. (Supplied)
Updated 28 min 38 sec ago
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Unique Riyadh car race brings in enthusiasts from all around

  • FJR racing team owner Falah Al-Jarba, who is participating for the first time with his 2019 Chevrolet Corvette ZR1, said he was impressed with the first round turnout and noted that the short notice of this event did not affect participation

RIYADH: The first round of the Saudi Time Attack race kicked off on the Reem race circuit yesterday. The 16-category race is unique in its participation since anyone can turn up and join in. Whether you are an everyday driver, enthusiast or would-be racer the Time Attack Race has a category for you.
“We target different types of drivers, usually people with a sports car or regular stock car who want to race their car to the max in a safe environment with other drivers,” said Prince Khalid bin Sultan Abdullah Al-Faisal, chairman of the Saudi Arabian Motor Federation (SAMF). He added that the target participants for this race are not necessarily professionals but rather enthusiasts, semi pros, amateurs, and beginners.
FJR racing team owner Falah Al-Jarba, who is participating for the first time with his 2019 Chevrolet Corvette ZR1, said he was impressed with the first round turnout and noted that the short notice of this event did not affect participation.
“It is not hard to get anyone on to the track — the hardest thing is to get them back again. Anyone who enters the race track three times of his own free will has the makings of a driver,” he said.

Passion
Prince Mohammed bin Saud bin Fahad bin Abdul Aziz Al-Saud, participating racer and owner of the MS7 racing team, said it is passion that attracts everyone to the race. “It is not a head-to-head race but it is competitive and it is fun. There is no pressure — everyone is here to have fun. I am happy that I participated,” he explained. This also marks a first for Saudi women racing as four women competed for the first time in a car race.
“For the first time we have a ladies category. These opportunities will be better reflected in two to three years’ time but if anyone would ask where did it start, it started here in this 2018 season,” said the “Camaro King” Falah Al-Jarba.
Prince Mohammed is very welcoming of any new competitor to the racing industry.
“At the end of the day if you have two hands, two legs and can drive that’s what it comes down to regardless of your gender, your weight, your height or your size, it is all about how well you can perform under pressure,” he said.
Prince Khalid expects a better turnout for female participants in the next round of the race scheduled for Nov. 16. He added that there has been a great interest in joining the race and wanted to clarify that anyone who wants to take part in the race does not need to have a race car.