Saudi government to invest $220 bln in Riyadh development over next 10 years: Official
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Last Updated: Jan 29, 2021, 09:30 AM IST
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Synopsis
Riyadh, where around 8 million people live and work, is notorious for its multi-lane highways and concrete block buildings. The city has recently changed to host cinemas and outdoor dining places under government efforts to open up Saudis cloistered lifestyles, encourage physical activity and make life more fun in the conservative kingdom,
Agencies
Saudi Crown Prince Mohammed bin Salman wants Riyadh to become one of the world s biggest 10 cities under his economic reform strategy
LONDON: Saudi Arabia is investing $220 billion to transform Riyadh into a global city by 2030 and expects to attract a similar amount of investment from the private sector, the head of the royal commission for the capital told Reuters on Thursday.
KSA: Saudi to invest $220bn in Riyadh development gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.
Friday, 29 January, 2021 - 07:15 Saudi Minister of Investment Eng. Khaled Al-Falih addressing the conference on Thursday (Asharq Al-Awsat) Riyadh - Mohammed Al-Ayed
Saudi Minister of Investment Eng. Khaled Al-Falih said that the Kingdom has prepared regulatory legislation and identified 20 economic zones, six of which are in Riyadh, to promote an attractive environment for Saudi and foreign investors.
He also stressed that the private sector would be a key player in the development strategy for the city of Riyadh, revealing “very profitable opportunities for those who invest in the new strategy.”
A dialogue session entitled “The Future of Riyadh” was held within the Future Investment Initiative conference on Thursday, during which Al-Falih said that the integration between regions and projects in the Kingdom would be achieved by enabling the airports to link the logistical areas.
Saudi government to invest $220 bln in Riyadh development over next 10 yrs - official
01/28/2021 | 01:34pm EDT
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LONDON, Jan 28 (Reuters) - Saudi Arabia is investing $220
billion to transform Riyadh into a global city by 2030 and
expects to attract a similar amount of investment from the
private sector, the head of the royal commission for the capital
told Reuters on Thursday.
Saudi Crown Prince Mohammed bin Salman wants Riyadh to
become one of the world s biggest 10 cities under his economic
reform strategy aimed at ending the kingdoms dependence on oil
and transforming it into a global investment power.
Saudi Arabia approves Quarterly renewal or issuance of Iqamas and Work Permits
Saudi Arabia approves Quarterly renewal or issuance of Iqamas and Work Permits
The Council of Ministers chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz approved the issuance and renewal of iqamas (residency permits) and work permits for 3 months as minimum period.
This decision allows employers to issue or renew iqamas for at least on a quarterly basis than paying it annually.
- Moreover, The cabinet approved to collect the fee of iqamas, work permits, expat levy and financial compensations in installments.
- However, this decision exempts domestic workers and related professional categories, like house driver, house maid, etc., as per the Cabinet statement.