Saudi Arabia is investing more than SR200 billion ($53.2 billion) in various development projects in bid to boost infrastruture for vital sectors such as transport, water and energy, said King Salman bin Abdulaziz Al Saud, while delivering the annual Royal speech on the work of the third year of the eighth session of the Shura Council.

King Salman said in addition to this, the kingdom will be spending another SR500 billion ($133.34 billion) towards development of airports, sea ports, rail and other infrastructure over the next 10 years, in bid to make the kingdom a global transportation and logistics hub, reported Saudi Press Agency.

"Saudi Arabia is witnessing a comprehensive and sustainable development movement and it is proceeding in the second phase of the Kingdom’s Vision 2030, aiming to develop promising and new sectors in addition to supporting local content, facilitating the business environment, empowering citizens and engaging the private sector in these vital development projects," said King Salman.

"This comes as part of the kingdom's strategy to boost the effectiveness of implementation to achieve more success and progress, and meet the aspirations and ambitions of our people," he added.

In this regard, the Saudi King highlighted the National Development Fund, which was set up last year, mainly to stimulate the private sector’s contribution by more than three times the development impact and contributing to the growth of the GDP by pumping more than SR570 billion and trebling the share of non-oil GDP to SR605 billion in addition to providing job opportunities in the kingdom as part of the fund’s strategy by 2030.

On the ongoing futuristic 'green' projects, King Salamn said: "These unique projects that are being realized in our country come in light of the development of our economic and cultural foundations, and as HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Saudi Crown Prince, has announced that our projects are of a Saudi nature, such as (Al-Ula Development Project, Diriyah Gate Project, Qiddiya Project, Amaala Project, Neom City, the Red Sea Project, the The Line project, and downtown projects for a number of cities), in addition to the cultural and entertainment cities, which are unrepetitive creative projects."

"These key developments create a historical, cultural, social imprint, and provide a variety of options in accordance with the vision’s objectives, economically, culturally and socially, and contribute to the promotion and protection of the history of the Saudi cultural heritage, to be reflected in the quality of life of the citizen," he added.

King Salman said the development approach in the KSA aims to make a comprehensive and sustainable renaissance, whose center and goal is the human being who will manage the development of the present, and make the development of the future with knowledge, as many legislations and amendments to laws and regulations have been issued.

"The kingdom has provided the capabilities that enhance the dignity of the citizen and work to achieve the maximum benefits for him, preserve his life and maintain a decent livelihood for him, create protection and social care, and support systems for development and social stability for him," he added.

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