Saudi Arabian 10th Five-Year Development Plan from 2015-2020 Essay - 19

Saudi Arabian 10th Five-Year Development Plan from 2015-2020 - Essay Example The main objectives 10th Five-Year Development Plan of Saudi Arabia are creating new job opportunities and diversification of the economy. The country thinks that if its economy does not diversify then enough job opportunities will not be created for the people living in Saudi Arab. This will reduce the prospects of job opportunities in the country when the reserves of oil will be finished in future. The economic development plan can create a good future for the company. In this development plan labour is the key priority for the country. Through this plan the country aims to promote its stability, growth and strengthen its economy (Arab News). The institutional reforms will be enhanced and Saudi Arabia will support civil institutions. It will try to improve the productivity and efficiency level of the state agencies. With the help of this 10th Five-Year Development Plan the country will enhance the principles of transparency and accountability for protecting the integrity of Saudis. The country will take effective measures to fight against corruption. The government will encourage different private sector industries of the country. This will enable the private companies in creating various employment opportunities. The country will implement meaningful and effective economic plan which will facilitate it in progressing towards diversification. Several measures are adopted in this plan to control Umrah operators. Saudi Arabia will try to lower down its inflation rate for making the economy stable. The business of SMEs will be encouraged by the country for increasing its GDP and employment rate (G20). The empowerment of National Competition Council is an important part of this plan. By implementing this 5year plan, Saudi Arab will enhance the competition level in various industrial sectors. The use of renewable energy will be encouraged by expanding the sources of this type of energy. The country will try to lower down the high consumption level of gas and oil i n the domestic sector. A national strategy will be implemented by the country for  developing a knowledge base society.