Economic cities set to give $150bn boost to Saudi

The six economic cities are expected to contribute $150 billion to the Saudi Arabia’s gross domestic product (GDP) by 2020, according to a new report.

The study by Ahli Capital, a subsidiary of the National Commercial Bank, also said the cities would provide job opportunities for 1.3 million people and be home to a population of 4.9 million people.

Other reports in the study on the kingdom’s economic and industrial environments showed that the Saudi economy recorded the highest growth rate of countries in the Middle East over the last few years, reported Saudi Gazette on Monday.

GDP average growth reportedly stood at 15.3 percent between 2003 and 2007, with a peak point of 26 percent in 2005.

The study also showed that Saudi Arabia was the largest GCC receiver of direct foreign investment, increasing from $8 billion in 2003 to $24.3 billion in 2007.

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