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FINANCIAL NEWS
Asharqia Chamber plans to launch big Saudization initiative
02 Sep 2012
(MENAFN) Abdul Rahman Al-Rashid, chairman of Asharqia Chamber in the Eastern Province said the chamber is seeking to create one million jobs for Saudi nationals and contribute USD28 billion to the gross domestic product in the first phase, Arab News reported.
He added that large-scale development projects and acquisitions of leading companies, such as Saudi Aramco and SABIC would expand the job market for both Saudi men and women.
He described Asharqia’s nationalization strategy as an unprecedented project having tremendous impact on the national economy.
He estimated the current spending of strategic and government sectors at USD80 billion. However, local content reached only 20 percent or USD16 billion, he indicated.
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