FINANCIAL NEWS

Saudi Arabia launches $385b development plan

10 Aug 2010

(MENAFN) The Saudi government has allocated $385 billion for various infrastructure and welfare projects under its ninth five-year (2010-14) development plan, AP reported.

Under the new plan, about 50.6 percent of the spending has been set aside for the manpower development sector that covers education and training, said the report, citing Custodian of the Two Holy Mosques King Abdullah.

Social development and health care will get 19 percent of total allocations, economic resource development 15.7 percent, transportation and telecommunications 7.7 percent.

Economy and Planning Minister Khaled Al-Gosaibi said the five-year plan was aimed at achieving sustained development besides strengthening the Kingdom�s competitiveness and transforming it into a knowledge-based economy.

Under the new plan, 117 hospitals will be set up including 32 specialist ones with 22,372 beds, 750 primary health care centers and 400 first-aid centers, the report added.

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