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The Saudi Arabian government will spend SAR100bn ($27bn) in 2019 and 2020 as part of its industrial development programme, Aabed Abdullah Al Saadoun, deputy minister of Energy, Industry and Mineral Resources said on Monday.

The programme is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom, according to a document distributed to participants at an investment conference the deputy minister was addressing in Riyadh.

The programme is offering investors the opportunity to invest in projects such as plants that manufacture rubber, catalysts and vehicles, it said.

Saudi Arabia’s 2019 budget allocated SAR33bn for the energy, industry, mining and logistics sectors, Energy Minister Khalid Al Falih said in a tweet in December.

That is more than three times the amount allocated in the previous budget, he said, in a sign the kingdom is keep to boost diversification in these key sectors to create jobs for Saudis and wean economy off oil.

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.

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