Saudi Arabia unveils US$385b plan
JEDDAH (Saudi Arabia): Saudi Arabia plans to build schools, hospitals, housing and other infrastructure projects as part of a five-year plan budgeted at US$385 billion (US$1 = RM3.15), the state-run Saudi Press Agency reported.
Ageing King Abdullah is under pressure to create jobs and build housing as the population grows and unemployment rises, hitting 10.5 per cent last year.
Two-thirds of Saudi nationals are under 30 years old.
The biggest Arab economy and world's top oil exporter, the kingdom's US$385 billion plan exceeds its previous five-year development plan by 67 per cent, SPA said.
This is part of the strategic effort to diversify its economy. - Reuters
Ageing King Abdullah is under pressure to create jobs and build housing as the population grows and unemployment rises, hitting 10.5 per cent last year.Two-thirds of Saudi nationals are under 30 years old.
The biggest Arab economy and world's top oil exporter, the kingdom's US$385 billion plan exceeds its previous five-year development plan by 67 per cent, SPA said.
This is part of the strategic effort to diversify its economy. - Reuters
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