King Abdullah Economic City launches World of Moments Festival

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Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. (REUTERS)
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The festival is part of KAEC’s program of entertainment projects aimed at promoting quality of life on its pristine beaches and green landscapes. (SPA)
Updated 17 November 2019

King Abdullah Economic City launches World of Moments Festival

  • KAEC is an attractive investment tourist destination on the coast of the Red Sea

JEDDAH: The King Abdullah Economic City (KAEC) on Friday launched its winter World of Moments Festival.
The event, which runs until Feb. 22, 2020, will offer a wide range of activities for visitors seeking entertainment and relaxation in an integrated modern environment.
KAEC is the largest privately funded new city in the world. The festival is part of KAEC’s program of entertainment projects aimed at promoting quality of life on its pristine beaches and green landscapes, the Saudi Press Agency reported.
“KAEC is an attractive investment tourist destination on the coast of the Red Sea. This made it one of the economic pillars supporting the objectives of the Kingdom’s Vision 2030 due to its effective contribution to quality of life and tourism, entertainment and investment development programs,” said KAEC’s chief executive officer, Ahmed bin Ibrahim Linjawy.
“In order to improve KAEC’s position as a modern residential destination, we are constantly working to innovate and enrich the experiences of the city’s residents so they can run unique lives,” he added.
KAEC held its highly successful Turquoise World summer festival between July 18 and Aug. 31, which offered activities including a beach ball tournament and a range of water sports at Yam Beach. 


Saudi labor minister urges Kingdom to increase economic role of charity sector

Updated 21 min 23 sec ago

Saudi labor minister urges Kingdom to increase economic role of charity sector

  • Saudi Minister of Labor and Social Development Ahmad Al-Rajhi said: “Our effort is to increase the share of the non-profit sector in GDP”

RIYADH: Saudi Arabia needed to increase the contribution of the non-profit sector to the Kingdom’s economic and social development, the country’s labor minister told business conference delegates on Thursday.

Moderating a session on the subject during the final day of the Riyadh Economic Forum (REF), Saudi Minister of Labor and Social Development Ahmad Al-Rajhi said: “Our effort is to increase the share of the non-profit sector in GDP.”

Describing the non-profit sector as the third pillar of sustainable economic development, the minister pointed out that in developed countries its average contribution toward GDP had reached 6 percent.

Referring to a REF study on the sector, he noted that it was only during the last decade that the Kingdom had come to realize its important role in economic development, social participation, job creation, and promoting the culture of teamwork.

“The non-profit sector contributes to Saudi Arabia’s GDP by one percent and our effort is to increase the share,” Al-Rajhi told the session’s attendees.

Presenting the REF study, Yousef bin Othman Al-Huzeim, secretary-general of Al-Anoud Charitable Foundation, said: “This sector, together with its substantial developmental roles, has become a criterion for the overall progress of nations and a yardstick of their civilization and humanitarian activity rather than a mere indicator of individuals’ income.”

He added that the sector had a key part to play in helping to realize the Saudi Vision 2030 goal of achieving sustainable development through diversification, and that the aim was to raise its level of contribution to the country’s GDP from 1 percent to 5 percent by 2030.

The study stressed the need to transform the sector from a mere initiative into an institutional entity concerned with social investment and integration, in cooperation with the public and private sectors.

Among its key findings, the study highlighted the requirement to increase the awareness of sector employees and supervising agencies about the development needs of society.

A lack of detailed information on the non-profit sector in the Kingdom was also having a negative effect on the extent of its contribution to economic and social development, the study found.

The media too had failed to give enough coverage to the sector and rules and regulations often stood in the way of any expansion in individual and community partnerships through charities and trusts.

Princess Nouf bint Mohammed Al-Saud, CEO of the King Khalid Foundation (KKF), said women were the most important enablers of the non-profit sector.

Currently, the most prominent development was the system of NGOs and philanthropic associations, and the stimulation of the sector to implement good governance, she added.

The princess urged the lifting of restrictions on money transfers to the non-profit sector and tax exemptions on charities and donations.

The KKF had issued a number of regulations to help the non-profit sector, she said, but there was still a need for the creation of more executive programs in order to realize Vision 2030 goals.

Rajaa bin Manahi Al-Marzouqi, a professor of economics at Prince Saud Al-Faisal Institute for Diplomatic Studies, in Riyadh, said: “If we look at any economy, it consists of three important sectors, which are the government, private, and non-profit sectors. There is a need to develop the non-profit sector in such a way that it sustains in the long run and contributes to socio-economic development.”