and appropriate lands will be allocated for industrial projects. In 2016, new rules were introduced by the Capital Market Authority to form REITs. This aims at opening the real estate market to a wide range of investor. The REITs consist of units representing the ownership of the underlying real estate. These units are offered to the public and traded on the Saudi Stock Exchange. The introduction of REITs was a part of the National Transformation program, one of Saudi Arabia's Vision 2030 programs, and has targets of: Increasing the real estate sector contribution from GDP of five percent to 10 percent annually. Supporting the construction of 1.5 million homes by providing the required private capital. Establishing partnerships with private sector developers to develop government land for housing projects. Establishing fast-track licenses and special finance packages to encourage private sector investment in housing projects. In 2019, the Saudi government introduced the Premium Residency scheme, which allows wealthy investors of any nationality to purchase residency and buy and sell real estate. Automotive In 2022, the US car company Lucid Motors announced plans to build an Electric vehicle manufacturing plant in Jeddah. Construction began in May 2022, and the plant will have capacity for 150,000 vehicles. Private sector Saudi Arabia's private sector is dominated by a handful of big businesses in the service sector, primarily in construction and real estate: Olayan, Zamil, Almarai, Mobily, STC, SABIC, Sadara, Halliburton, Baker Hughes, Flynas, Hilton, Zain, Yanbu Cement, Alhokair, MBC, Mahfouz, Al Rajhi and Alfanar. These firms are "heavily dependent on government spending", which is dependent on oil revenues. From 2003 to 2013, "several key services" were privatized—municipal water supply, electricity, telecommunications—and parts of education and health care, traffic control and car accident reporting were also privatized. According to Arab News columnist Abdel Aziz Aluwaisheg, "in almost every one of these areas, consumers have raised serious concerns about the performance of these privatized entities." To provide the best support for the private sector and entrepreneurs, The Kingdom announced a decision approved by the Saudi Cabinet, In July 2019, allowing businesses in the country to be given the option to remain open 24 hours a day. Trade In April 2000, the government established the Saudi Arabian General Investment Authority to encourage foreign direct investment in Saudi Arabia. Saudi Arabia maintains a negative list of sectors in which foreign investment is prohibited, but the government plans to open