KSA economic cities set to pay off

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King Abdullah Economic City is part of Saudi Arabia’s strategy to attract private sector investment.

Saudi Arabia is now a "key destination" for attracting private sector industry from abroad, according to a new study by one of the region's investment houses.

Global Investment House reported that moves by the Kingdom's government to provide industries with investment benefits and set up world-class infrastructure had helped to make entry to Saudi Arabia's industrial sector lucrative for foreign and private investors.

Jeddah Islamic Port is currently being redeveloped with a 45% increase in capacity, while there are also plans to build new railway lines and expand the airports in Madinah, Jeddah and Tabuk.

The report notes that the four economic cities announced in Saudi Arabia - King Abdullah Economic City, Prince Abdulaziz bin Mousaed Economic City, Knowledge Economic City, and Jazan Economic City - are crucial to the Kingdom's strategy.

According to SAGIA, the Saudi Arabia General Investment Authority, the four cities are expect to attract investments worth more than SR300 bn (US$80bn) and create more than a million jobs within the next 10 to 20 years.

A study is currently underway to establish two more economic cities, one in Tabuk and one in the Kingdom's eastern region.

Since its inception in 2000, SAGIA has licensed 3,608 projects with a value of SR292.7 bn (US$78 bn), of which 38% was from foreign investors.

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