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FINANCIAL NEWS
New economic cities to hire 1m people in Saudi Arabia
25 Jan 2011
(MENAFN) A Saudi official said that the Saudi Arabian General Investment Authority (SAGIA) is building new economic cities which are expected to contribute $150 billion to gross domestic product (GDP) and create more than one million jobs by 2020, reported Arab News.
Mohanud Helal, the secretary general of Economic Cities Authority of Saudi Arabia, said that the new economic cities would make use of 600 types of services, from logistics to telecommunication and any sort of emergency. He also said that the Saudi government was investing billions of dollars in building these cities.
Speaking on the topic “Cities for the future”, Helal said that the Saudi government is aiming to create more social and economic balance by building these cities in less developed areas of the Kingdom.
Helal mentioned that the government is attempting to diversify the economy by moving GDP away from the hydrocarbon industry.
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