Saudi Arabia and India agree to study feasibility of establishing power grid    Saudi Awwal Bank records SR5.9 billion net profit after Zakat and Income Tax for YTD Q3    Economy minister emphasizes global partnerships to address pressing challenges Private investments in non-oil sector soar 70%    Saudi Arabia's GDP grows 2.8% in Q3, driven by non-oil sectors    PIF, HKMA sign MoU to establish $1 billion investment fund    Israeli soldiers forced Palestinian men to take off clothes as they evacuated war-torn Jabalya    North Korea fires suspected intercontinental missile    India celebrates Diwali, the festival of lights    'It was like a tsunami': Spaniards recount horror of deadly floods    Bahrain Crown Prince receives Saudi Interior Minister    In-person classes will remain suspended in Jeddah, Rabigh and Khulais schools on Thursday    HR Ministry takes penal action against 568 violators of Domestic Workers' Regulation    Derby Week makes its debut in the Roshn Saudi League    Al Nassr eliminated from King's Cup after a defeat to Al Taawoun    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Othman Al Omeir receives Legacy of Change Medal at the UK Parliament for advocacy in media    Neymar joins Saudi fashion trend, donning traditional attire at Al Hilal match    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    Saudi Football Federation reappoints Hervé Renard to lead national team    Tarzan star Ron Ely dies aged 86    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tokyo unveils $16.8b budget for Olympics
Published in The Saudi Gazette on 13 - 06 - 2017

Tokyo 2020 organizers unveiled on Wednesday a budget of $16.8 billion for hosting the next Summer Games and vowed to seek further savings in cooperation with the International Olympic Committee (IOC) which has been calling for them to cut costs.
At an a open meeting of a four-party working group that includes the IOC, organizers said they estimated overall costs of 1.6 to 1.8 trillion yen ($15-$16.8 billion), the first official figures they have released since winning hosting rights.
At a previous meeting about three weeks ago, organizers had said costs could run to as much as 2 trillion yen, a level that IOC Vice President John Coates had deemed too high. «We are pleased with the progress we are continuing to make,» Coates said via video conference on Wednesday.
He noted the $4.7 billion portion for the organizing committee›s budget would all be paid for through sponsorship, IOC contributions and other private funds, at zero cost to the public, meaning they were really looking at a budget of $12.1 billion.
«The four-party political working group will continue to operate and play an important role going forward in the budget process,» Coates said.
Tokyo won hosting rights largely on its reputation for efficiency, but organizers have been embarrassed as budget projections were seen soaring far beyond the 734 billion yen that was estimated during the bid process.
A Tokyo city government panel commissioned by Gov. Yuriko Koike warned in September that expenses could balloon to as much 3 trillion yen. The IOC is worried such lofty figures could scare off future bidders, after cities like Rome and Boston dropped out of the 2024 race. «I appreciate we have reached a very significant milestone,» Koike said. «We are still keen to see further savings.»
The Tokyo panel had recommended using existing facilities for three venues instead of building new ones, in line with the IOC›s «Agenda 2020» initiative, which calls for utilizing more existing infrastructure to ease the burden of hosting.
Koike ultimately abandoned plans to use existing venues for the rowing/canoeing, swimming and volleyball but cost-cutting steps, such as reducing the number of seats at the swimming arena, will save around $400 million.
Organizers noted a rise in construction costs, which have jumped due to rebuilding from Japan›s earthquake and tsunami five years ago. They also said the projected cost of temporary facilities had more than doubled as the bid file had not accounted for items like design costs, surrounding greenery and temporary toilets.
In addition, they have now set a budget of $1-$2.8 billion for contingencies and a $3.8 billion service budget for transport, security and other costs that had not been included in their bid.
Coates does not think such a large amount for contingencies will be required and that the service budget could provide additional cuts. «The feeling we have is there are savings to be found there,» he said. — Reuters


Clic here to read the story from its source.