Jeddah – The Saudi Council of Economic Affairs and Development identified ten programs of strategic importance for the government to achieve Vision 2030, which had previously been approved by the Council of Ministers under the leadership of the Custodian of the Two Holy Mosques, King Salman on April 25, 2016.
These programs are considered the extension of the previously approved programs in National Transformation Program 2020 (NTP), launched on June 6, 2016 and the Financial Balancing Program 2020, launched on December 22, 2016. Their mechanisms were formulated in accordance with the vision’s governance, which was approved on May 31, 2016.
The programs were established to support the achievement of Vision 2030 in making the kingdom’s economy more prosperous and its society more vibrant, adhering to Islamic values, and the well-established national identity.
These programs represent the system of achieving the vision, which the council will monitor its implementation until 2020 by following the approved governance that ensures accountability, transparency and continuous monitoring, and activation of the methods of monitoring and implementing the initiatives.
An accountability mechanism has been devised to follow up on the implementation of programs and the direct and indirect goals linked to them.
This mechanism also helps understand the relations among the different goals and manage them via commissions headed by ministers and relevant experts. The performance of the ministers and experts will be supervised by the Council of Economic Affairs and Development and they will be held accountable according to the approved procedure and escalatory measures will be resorted to if there is a need.
The new plan will implement specialized programs in housing, improving the lifestyle, serving pilgrims and other programs that support national leadership in industry and financial markets, strengthen national identity and bolster national culture, arts and entertainment, and will be operational as soon as its plans are completed during the third quarter of 2017.
Fiscal Balance Program 2020: The program was launched to establish a balanced budget. Through the program, a number of procedures have been announced to benefit from the opportunities. It will also assign 200 billion SAR to support the private sector which will enhance a sustainable fiscal structure.
Housing Program: Providing a dignified life for Saudi families via enabling them to own houses that match their needs and financial capabilities which will be established through developing the sector with developed techniques. This will enhance its economic effect and thus create more job opportunities.
Serving Pilgrims Program: This program aims to provide an opportunity for the largest number of Muslims to perform pilgrimage and Umrah and visit the holy sites, which works on deepening and enriching the pilgrims’ experience via preparing the Two Holy Mosques and achieving the global message of Islam. This program also ensures the effective role of private sector in enhancing the sector’s economies.
Improving Lifestyle Program: Improving individuals’ lifestyle by modernizing the means that enhance citizens’ and residents’ participation in activities related to culture, entertainment and sports among other events that generate job opportunities and promote the kingdom’s status among the best countries in the world.
Strengthening National Identity Program: The program is devoted to developing and strengthening individuals’ national identity based on Islamic and national values. It also aims to strengthen personal characteristics that motivate people to succeed and be optimistic. In addition, this program will have an essential role in correcting the image of Saudi Arabia.
Supporting National Leadership of Companies Program: It aims to motivate more than 100 national companies that have promising chances in regional and international leadership and enhance their statuses in a way that positively reflects on the kingdom’s image and economy. This program will also enhance the local level and enrich the economy by supporting small and medium enterprises and creating more job opportunities.
Developing National Industry and Logistical Services Program: This program was devised to develop national industry and local products, improving the infrastructure and developing the logistical services necessary for the kingdom to be a distinguished industrial and logistical platform among the three continents. This program will also create promising job opportunities.
Public Investment Fund: A fund that aims at strengthening the role of the public investment fund as it is the efficient factor behind the diversity of economy in the kingdom and developing specific strategic sectors via improving the influence of the fund’s investments.
Strategic Partnerships Program: It will establish and deepen strategic economic partnership with strategic partnership countries which possess the basic components for contributing to accomplish Vision 2030. This is in addition to strategic relations with Gulf Cooperation Council countries and the region through facilitating the transfer of people, merchandize, and capital smoothly in order to enhance and expand the different economic sectors.
Developing the Financial Sector Programs: This program works on developing the markets of Saudi capital and improving their status on the regional and global levels so that the Saudi market becomes the primary one in the Middle East and among top ten in the world.
Privatization Program: The program enhances the role of the private sector in providing services, improving their quality and lowering their cost generally. It also aims to reduce the cost and reestablish the government’s organizational and legislative role. This program will also attract foreign investors.