Complex Made Simple

Saudi 10th development plan allocates SAR327.9bn for economic resources projects

This amount is 29 per cent more than what was allocated in 9th plan

After the success achieved in the first nine five-year development plans, the tenth development plan allocated SAR327.9 billion for economic resources projects and programs.

The first nine development plans were contingent on the fundamentals of the Saudi economy such as petroleum, the human element and infrastructure in achieving the kingdom’s objectives. They were able to expand economic integration with the GCC, develop the kingdom’s relations with Islamic and friendly countries and strengthen the role of the kingdom on a global level.

The allocated budget for economic resources in the tenth development plan is more than the budget allocated for this sector in the ninth plan by 29 per cent, reports Al Riyadh Newspaper.

Among the most prominent target indicators of economic growth in the kingdom, the tenth development plan seeks to continue the achievements of previous plans and aims to raise the GDP to reach more than SAR3238bn at the end of the plan period.

It also seeks to grow the fixed investment at an annual rate of up to 31 per cent by the end of the plan period, in addition to increasing the oil and gas sector’s contribution to GDP by more than 34 per cent.

(SAR1 = AED0.98, at the time of publishing)