Saudi ministry approves $227m funds for 12 projects

Saudi ministry approves $227m funds for 12 projects
12 projects worth $227m will be developed in Saudi Arabia [representational image].
Published: 29 March 2018 - 12:21 a.m.
By: Neha Bhatia

Saudi Arabia's finance ministry has approved funds worth $227m (SAR851m) for the development of 12 projects in the country. 

The funds will be spent on healthcare, education, and hotel projects in the kingdom, and are part of the country's lending programme to boost private sector investment. 

Five of the 12 projects to be developed will focus on healthcare, and result in the provision of 1,370 beds across a total area spanning 42ha. 

The healthcare projects will be developed in Riyadh, Al Khobar, Bish, and Abha.

A private university, spanning 1.4ha, will be built in Al Madinah Al-Munawarah.

Finally, six hotel and tourism projects will be developed across 5.6ha of land in Al-Kharj, Sharourah, Najran, Tabuk, Jazan, and Al-Khobar.

Dr Hamad Al-Bazie, vice minister of finance, and Tariq Al-Shuhayeb, undersecretary of the Ministry for Revenue Affairs, signed the agreement, the kingdom's state news agency, SPA, reported. 

Al-Shuhayeb is also the supervisor of the ministry's Local Lending Program, through which the $227m funds have been approved.

Commenting on the programme, Al-Shuhayeb said the initiative was aimed at supporting "the development goals of the Kingdom's Vision 2030, [by] providing the necessary financing and support for the private sector, [and] strengthening the economy's ability to generate diverse employment opportunities".


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