Smart Finance – Smart City

Abdulmajeed AL-Harbi

Abstract


Royal Commission for Jubail and Yanbu (RCJY) one of the biggest government organization which was established On 21 September 1975 .and within the second development plan and put Saudi Arabia's development strategy, which aims to create a diversified economy and reduce dependence on crude oil revenues , Since decided to establish a Royal Commission and give full authority to develop, construct and operate the cities of Jubail and Yanbu, was granted extraordinary powers is to allocate a separate budget for them and give them independence administratively to enable it to achieve its mandated objectives, making it a unique institution in the Kingdom of Saudi Arabia. The vision of Royal Commission to be the major contributor to the achievement of the Kingdom’s growth strategy for the Petrochemicals / Energy-intensive industries, as the leading city authority in the sector. The Finance and Budgeting Department is one of departments for the Royal Commission at Yanbu have a main role in order to meet the RCJY vision and mission through develop the RCY financial strategy plan as well as the RCY annual budget plan and monitor its expenditure. However, the Finance and Budgeting Department played a main role, as many of other departments, in converting Yanbu Industrial City to be the first Smart City in the Kingdom of Saudi Arabia.

The aim of this abstract shows how the Knowledge of financial processes and budget management will help any city to be a smart city and especially taking about Yanbu Smart Industrial City, as one of the smart cities around the world. Indeed, the smart city cannot focus only on IT, that should consistent with spending less; spending well, and spending wisely so that social goal of improving quality of living of residents are achieved.


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