Riyadh: Saudi Arabia's $385 billion (Dh1.4 trillion) five-year development plan, which was endorsed by the Council of Ministers on Monday, is aimed at improving the standard of living and providing more job opportunities by expediting the process of sustainable development, experts and economic analysts told Gulf News yesterday.
"The plan is also aimed at raising the level of economic growth, expanding educational, health and social services both qualitatively quantitatively and continuing the improvement of services being rendered to pilgrims to be able to do their rituals in ease and comfort," they said.
Businessman Shaikh Saleh Kamel, chairman of the Saudi Council of Chambers, said the endorsement by the Council of Ministers of the 9th five-year development plan represents a kick-off whistle for the implementation of all the economic, social and development projects.
Favourable atmosphere
He said the focus of the plan on the economic, social and institutional reforms in addition to transparency, accountability and support of non-governmental organisations will reinforce the favourable atmosphere for investments and will boost world confidence in the Saudi economy.
Kamel, who is also chairman of the Jeddah Chamber of Commerce and Industry (JCCI), described the plan as commensurate with the requirements of the current phase through its emphasis on the knowledge economy and the information technology. "This indicates the awareness of the Saudi leadership of the fact that a strong economy should be knowledge-based and should be able to compete with other international economies," he said.
Kamel said the plan will put the Saudi economy at par with the other strong world economies and make it more competitive and reliable. Financial expert Abdul Rahman Al Sihaibani said the plan would realise the balanced development between all the kingdom's regions.
"The plan will enable the government to develop human resources, diversify the economic base and focus on referral industries, particularly heavy industries, energy, mining, tourism and information technology," he said.
Al Sihaibani said the plan should be implemented in such a manner as to make the national economy knowledge-based.
Economist Fawwaz Ibn Mohammad Al Khidairy called for making a timetable for the implementation of the plan.
