What are the benefits of constructing the economic metropoliss in Saudi Arabia. Saudi Arabia is the first state in the export of oil and it is the richest state in the universe has oil. Like this state it should be hold a metropolis like economic metropoliss to even pull international companies and international bargainers to even supply high economic system and extinguish unemployment. The Saudi Arabian General Investment Authority ( SAGIA ) launched noun economic metropoliss in the Kingdom to implement the programs, aims and schemes for bettering investing in the Kingdom, thy Saudi Arabia has published its determination to set up five new metropoliss under the name of “ Economic Cities ” .
B.Saudi Arabian new economic metropoliss The Saudi Arabia New Economic Cities shape a general scheme that seeks to suit the altering demands of a turning non-oil economic system encompassing new cognition based industries and, at the same clip, guaranting equal employment chances, educational installations, and lodging for a immature and turning Saudi population. Three New Economic Cities lay along the Red Sea seashore of Saudi Arabia, while the 4th one is located in the backwoods near the metropolis of Hail. In 2006, Saudi Arabia has published its determination to set up five new metropoliss under the name of “ Economic Cities ” . The purpose of these Economic Cities is to function as Free Zones and besides as Industrial Zones in a alone manner. The Economic Cities are designed to set up modern and civilised countries to accommodate both practical and recreational sides of life to better the life style in the Kingdom of Saudi Arabia.
Building such metropoliss with advanced substructure all over the Kingdom means to implement the policy of the Government to pull more Domestic and Foreign investings. Since Saudi Arabia is depending on Oil as the chief beginning of income the new Economic Cities shall help in the variegation of income beginnings to the Kingdom of Saudi Arabia and pull such investments.With more than US $ 60 billion costs.
C.The Saudi Arabian General Investment Authority ( SAGIA )
A monolithic edifice plan is the bosom of SAGIA ‘s scheme. with the universe ‘s most esteemed developers and investors in Working in partnership, Four dramatic Economic Cities SAGIA is be aftering it in locations around the state key, Through these large-scale, developments province of that art, Ambitious concerns an astonishing chance is the offering in SAGIA. Companies that set up here will profit from exceeding services and installations, giving them maximise their efficiency the perfect conditions and turn their concern yet farther.
SAGIA is committed Supplying bespoke concern support to back uping new and turning concern in Saudi Arabia. To be easy and possible to put in or put up and run a concern in KSA, To making a dynamic web Business Centers throughout the state. A extremely antiphonal and effectual resource Each centre provides to assist companies acquire up expeditiously and running quickly- offering everything from advice on forming visas and edifice ordinances, to funding and legal support.
Saudi Arabia has a wealth of gifted and skilled people at its disposal to Providing high quality people Good quality people are indispensable to concern growing. between concerns and this ready work force the SAGIA is the nexus. Its Human Capital specializers work closely with concerns to supply a bespoke service and understand their employee demands. Employee accomplishments, attitudes and figure are absolutely aligned with each company ‘s specific needs guaranting the right people for the occupation. SAGIA is committed to the promotion of the Saudi state. As more and more concerns choose KSA as a strategic location for growing, SAGIA will be working difficult to guarantee that pick translates into sustainable success.
launched noun economic metropoliss in the Kingdom to implement the programs, aims and schemes for bettering investing in the Kingdom and thy but four aims of economic metropoliss in their program:
1- better the balance of the regional economic system.
2- achieve economic variegation.
3- occupation creative activity.
4- Increase Competitiveness.
D. The Economic Cities thy Saudi Arabia has published its determination to set up five new metropoliss under the name of “ Economic Cities ” .
I. King Abdullah Economic City ( KAEC ) 4
KAEC is the largest and first Economic City in Saudi Arabia. The metropolis is developed by a company established on 2006 particularly for this intent under the name of “ Emaar the Economic City ” as a Saudi Joint Stock company with a capital of SAR 8.5 billion ( a‚¬ 1 = SAR 4.9 ) managed by Emaar Properties5. The metropolis is located on the seashore of the Red Sea near the metropolis of Rabigh in Makkah Province.
The chief map of the metropolis is to concentrate on the recreation industries based on power and conveyance. The entire cost for constructing the metropolis is estimated with about US $ 80 million.
KAEC comprises six chief countries, viz. the Port, the Industrial Zone, the Beach Facilities including a distinguished group of hotels, the Financial Island covering 500 thousand square metres of office infinite, three Residential Districts and the Educational City.
2. Prince Abdul-Aziz bin Mosa’ad Economic City ( PAMEC )
PAMEC is earmarked for the conveyance and logistics support sector. The metropolis is located in the Ha’il Province. The execution of the metropolis started in 2007. At the clip of being wholly finished, PAMEC is funded with SAR 30 billion ( about US $ 8 billion ) .
3. Knowledge Economic City ( KEC ) 6
KEC is located in Al Madinah Al Munawwarah. The metropolis is established to supply investing chances in the Knowledge Industries sector. Same like PAMEC, at the clip of being wholly finished, the Knowledge Economic City is funded with SAR 30 billion ( about US $ 8 billion ) .
4. Jazan Economic City ( JEC ) 7
JEC is located in Jazan metropolis and is concentrating on four sectors: the Heavy Industries, Secondary Industries ( treating ) , Human Resources in add-on to Life Style.
5. Ra ‘s el-Zour Economic City ( RZEC )
It is intended to set up the RZEC on the seashore of the Arabian Gulf, 60 km North of Jubail Industrial City. The propinquity of RZEC from Jubail Industrial metropolis and the installations for production and cargo of oil and gas in the eastern part of the Kingdom represent a strategic and logistical advantage for the metropolis. The metropolis is specialized in Mining Industries and shall be managed by the Royal Commission for Jubail and Yanbu.
The Kingdom of Saudi Arabia ( KSA ) is puting one million millions of dollars to construct five new “ Economic Cities, ” referred to as Smart Cities. The move is an effort to diversify by traveling gross domestic merchandise ( GDP ) off from the hydrocarbon sector ( oil histories for 94 per centum of the state ‘s export gross ) . GDP in the nonoil sector grew from 5.8 per centum to 6.7 per centum between 2007 and 2008. The Smart Cities are expected to back up this tendency, every bit good as create a cognition economy-one that will supply KSA ‘s younger population with the accomplishments required for professional and senior-level occupations. The Saudi Arabian General Investment Authority ( SAGIA ) is charged with conveying foreign direct investing into the KSA. SAGIA expects the Economic Cities to lend US $ 150 billion to GDP and make more than 1 million occupations by 2020.