Saudi Gazette June 08, 2009 By Hazim Al-Mutairi
RIYADH – The six economic cities are expected to contribute $150 billion to the Kingdom’s national product by 2020 and provide job opportunities for 1.3 million persons, according to reports in a study conducted by Ahli Capital, a subsidiary of the National Commercial Bank. The cities are also expected to house 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. The national product average growth reportedly stood at 15.3 percent between 2003 and 2007, with a peak point of 26 percent in 2005.
The Kingdom, the study shows, was the largest GCC receiver of direct foreign investment whose increasing annual flow has seen rise from $8 billion in 2003 to $24.3 billion in 2007. – Okaz/SG