Riyadh: Saudi Arabia will invest 40 billion riyals ($10.6 billion) on infrastructure development projects in its 11 cities.
Saudi Arabia’s state-run TV reported on Sunday that the Ministry of Municipalities, Rural Affairs and Housing was spending a significant amount of money on urban infrastructure.
Earlier in September, Saudi Arabia’s finance ministry signed 25 billion riyal ($6.65 billion) financing agreements with local banks to finance infrastructure projects starting in 2023-2024.
Under the Vision 2030 presented by Crown Prince Mohammed bin Salman, extensive reforms with far-reaching results are being carried out in Saudi Arabia.
This vision is being implemented to strengthen the country’s strategic position and promote it as a hub in the Arab world and the region.
The Saudi Crown Prince announced the establishment of the modern city of Nyom in 2017 as part of a plan to diversify the national economy to reduce dependence on oil revenues.
This city of the future, which will be settled at a cost of five billion dollars, will be carbon-free and will have more pedestrian movement of people and no cars and vehicles will interfere in transportation.
