Saudi Arabia launches SAR 130 bln ‘Quality of Life’ program

Saudi Arabia’s Council of Economic and Development Affairs on Thursday announced the launch of the Quality of Life Program 2020, a SAR 130 billion initiative aimed at “improving individual and family lifestyles,” according to a government statement.

“The program is designed to promote new options for participation in cultural events as well as entertainment and sporting activities that contribute to the quality of life,” the statement said.

Part of the Vision 2030 reforms, the new initiative will drive job creation and investment opportunities, helping Saudi cities boost their rankings in the most livable cities index.

The total expenditure in sectors related to the program will reach SAR 130 billion ($34.6 billion) by 2020.

Of this, SAR 74.5 billion ($19.8 billion) will constitute direct investment in the program.

Government capital expenditure will surpass SAR 50 billion ($13.3 billion) by 2020, and investments available to the private sector will amount to around SAR23.7 billion ($6.3 billion) for the same period, utilizing 220 initiatives adopted by the program.

“This does not include all forms of capital expenditure in major projects such as Qiddiya Project, the Red Sea Project, Al-Dariyah Gate Project, Historical Jeddah Project, Royal Commission for Al-Ola, and other projects, in addition to all related private sector projects, with total investments exceeding SAR86 billion ($23 billion),” the statement said.

The Quality of Life Program 2020 aims to achieve non-oil gross domestic product (GDP) growth in related sectors by 20 percent per year until 2020.

The contribution of local content in these sectors is targeted to increase by 67 percent until 2020.

As a result of the program, more than 346,000 jobs will be created and non-oil revenues will reach SAR 1.9 billion ($500 million).