Saudi Vision 2030 Initiatives
The Kingdom of Saudi Arabia has been undertaking new measures and broad initiatives to accomplish its Saudi 2030 vision as early as possible. The Kingdom of Saudi Arabia is committed with its vision earlier set and has dedicated itself to introduce new areas which can ultimately contribute to the overall economy of the Saudi Arabia.
The Saudi vision 2030 contains several motives including the moto of making the Kingdom of Saudi Arabia a non-oil revenue dependent economic country. As already well known to all of us, the major source of revenue for the Kingdom of Saudi Arabia is the generation of revenue through selling of Oil to the different countries in the world.
Since, the Competition in the Oil industry is quite high among Middle Eastern and Gulf countries and the prices of oil keep on fluctuating and the future cannot be solely dependent on oil based economic growth, therefore the Kingdom has already introduced and planning to introduce certain additional initiatives for increasing its revenue through non-oil economic sources.
Planning Underway to Implement Road Tolls in Saudi Arabia
RECENTLY, THE MINISTRY OF TRANSPORT IN SAUDI ARABIA HAS RATIFIED THAT CERTAIN KIND OF FEASIBILITY IS BEING PREPARED TO IMPLEMENT THE ROAD TOLLS ACROSS THE KINGDOM OF SAUDI ARABIA.
It has been stated that 6 roads had already been identified to begin with for charging the road tolls in Saudi Arabia from upcoming FY 2020. The said fees proposal is yet to be presented before the high commissioner for its approval once the ongoing feasibility study is done.
The toll charges will fall under the ambit of Privatization plans for the transport sector which will aid the Kingdom of Saudi Arabia in undertaking the mega projects for expanding its infrastructure.
Technical Study Underway for New Causeway Linking Kingdom and Bahrain
It was also confirmed that the new technical study is under consideration related to a new causeway which will link the Kingdom of Saudi Arabia and Bahrain, it is estimated that the said study will be completed within forthcoming week and appropriate investment options would be considered including the public private partnership.
A tender for technical, legal and financial consulting on the project was launched two weeks ago.
The official also confirmed a further 37 road projects worth SAR3.5bn ($932.8m) were in the works in Dammam and the surrounding region, while preventative maintenance was costing the kingdom SAR1.7bn ($453m). Read: Saudization in 3 Key Sectors