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2 months ago

Diplomatic World_nummer 56.

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• Developing Saudi cities so that three are recognized in the 100 top-ranked cities in the world. Our cities already enjoy high levels of security and development. Despite the current turmoil in the region and the wide expanse of our territories, our country and citizens are safe and secure. Our cities are among the safest in the world with annual crime rates that are less than 0.8 per 100.000 people, far below the international rate of 7.6. We will maintain our safety and security by supporting ongoing efforts to fight drugs abuse, as well as by adopting further measures to ensure traffic safety, reduce traffic accidents and minimize their tragic consequences. Our cities have grown significantly in recent decades; a growth which has been accompanied by the steady development of their infrastructure. To ensure we can continue to enhance the quality of life for all and meet the needs and requirements of our citizens, we will continue to ensure high quality services such as water, electricity, public transport and roads are properly provided. Open and landscaped areas will also be developed further, to meet the recreational needs of individuals and families. • Diversifying the Kingdom’s economy through the ongoing privatization of state-owned assets, including establishing a sovereign wealth fund that will be financed through the partial IPO of Saudi Aramco. The ongoing privatization of state-owned assets, including leading companies, property and other assets, will bring in new and more diverse revenues for the Saudi government. This will further enhance our financial resources and economic stability, which will be reinvested for long-term impact. We will develop further the sophistication of our investment vehicles, particularly after transferring the ownership of Aramco to the Public Investment Fund, which will become the largest sovereign wealth fund in the world. We will increase the efficiency of the fund’s management and improve its return on investment, with the aim of diversifying our government resources and our economy. The Public Investment Fund will not compete with the private sector, but instead help unlock strategic sectors requiring intensive capital inputs. This will contribute towards developing entirely new economic sectors and establishing durable national corporations. • Unlocking underdeveloped industries such as manufacturing, renewable energy and tourism. In order to achieve a thriving economy, Saudi Arabia will diversify its economy and create dynamic job opportunities for its citizens. This will happen through commitments to education, entrepreneurship and innovation, including: We will support promising sectors and foster their success so that they become new pillars of our economy. In the manufacturing sector, we will work towards localizing renewable energy and industrial equipment Aqua desert of Saudi Arabia © Shutterstock 9