Saudi Arabia approves $385b plan

Riyadh: Saudi Arabia has approved a new $385 billion development plan, with more than 50 per cent of it devoted to human resources.

Economy and Planning Minister Khalid Al Qusaibi said the plan, which covers 2010-14, is 67 per cent larger than the previous five-year plan.

More than half the investments target developing human resources, with the remainder allocated to social services, the health, telecom and housing sectors. It envisages average yearly economic growth of 5.2 per cent.