Financing a new healthcare system
Health is, together with education, the big beneficiary of the kingdom’s lion’s share of the national budgets over the last couple of years. The government is willing improved the health system in the kingdom of Saudi Arabia with new hospitals, day care centres, training new doctors and investing heavily research and new technologies.
The national Budget approved for 2011 allocates SR68,7bn ($18,4 bn) to health and social affairs, a rise of 12 percent from the previous year. The expenditure will be used to continue the construction of 12 new hospitals that are set to open doors by the end of this year. At the moment, there are some 120 hospitals under construction in Saudi Arabia that will be generously affected by the higher expenditure forecasted for this year.
The private sector is already taking good note of the increased spending and is showing signs of a healthy comeback, assisted by the government's commitment to invest and a much awaited pickup in bank credit growth,
And indeed Saudi Arabia is particularly interesting for a number of reasons: it has a growing and aging population; it is strategically located in a crossroads of continents and the sector still lacks serious developments according to the new ages.
Public healthcare spending has been growing steadily since at a compound annual growth rate of 7.2% since 1999 and spending is expected to reach US$20 billion by 2016.
To encourage R&D activities, KSA offers significant development finance and research grants through institutions such as the King Abdulaziz Centre for Science and Technology (KACST) and the King Abdullah University for Science and Technology (KAUST).
And actually, the government determination goes beyond hospitals and research and enters the pure business world to life science industries such as pharmaceuticals, medical devices and agrochemicals.
Its 27 million people and excellent location; its low-cost access to feedstock especially appreciated by pharmaceuticals and agrochemicals manufacturers and the existence of complimentary industries such as plastics, packaging, and formulation are the best attraction to investors.
Good reasons to invest
Our latest investment report on Kuwait was recently published in one of the leading Spanish dailies, ABC. FindMe in Kuwait explores the economic perspectives of Kuwait and the country´s future plans to compete with its fast developing neighbours. Once the leading country of the Gulf, Kuwait has remained silent for the past decade. And although many would like to see faster changes, Kuwait is moving, at its pace, to them. Inexorably. Learn about who is who in Kuwait and read what the leaders say about their own future in our upcoming release: FindMe in Kuwait Mobile app.
Stay tuned - Stay Ahead
Global Gulf Consulting has concluded its latest production on Bahrain, FindMe in Bahrain giving the country a fresh approach after a couple of difficult years of local demonstrations that matched the global recession. Bahrain is a small island in the Arabian Gulf with an incredible potential for logistics, industries and tourism. FindMe in Bahrain was supported by both the public and private sector of Bahrain. Banagas, Nass Corporation, BBK and DHL were GGC strategic partners in the development of the series among others.
FindMe in Bahrain is available at the local bookstores Jashamal and online as well as in the Apple Store. It is a full business leisure and business guide for any investor or visitor interested in traveling to Bahrain or for those that already live there.
FindMe in Saudi offers a multi-faceted overview combining business and leisure, economy and heritage. The book aims to capture the current development of Saudi Arabia in the words of the people who live and work there. It is an authoritative source of information for investors, businessmen and travellers produced to firmly position KSA as an attractive investment destination.
In contains general information about the country´ economic performance and who is who as a sectorial overview and a leisure guide.
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