(MENAFN - Arab News) The volume of investments in the economic cities in the Kingdom is estimated at SR500 billion, local media said quoting an economic expert.
The economic cities are tailored to achieve the desired economic goals: to make a quantum leap in diversifying the sources of economic resources, achieve sustainable development and raise the share of the non-oil sector in the gross domestic product (GDP), said Abdulrahman Al-Saneei.
He told Al-Riyadh daily that the cities will minimize internal migration, and lead to a reverse migration toward these cities, especially the productive age groups.
In addition, the cities will preserve liquidity and cash flow internally, attract foreign capital, and boost the purchasing power of the local currency through the movement of salaries, wages, land rents, and the cost of public services.
"The objective behind the establishment of economic cities in different regions of the Kingdom lies in the creation of modern industries, and raising the proportion of the diversity of the economic resources of the Kingdom in addition to achieving the goals of sustainable development," said Al-Saneei.
"The establishment of these cities is considered the gateway to achieving the economic and social ambitions of the Kingdom," he said.
"To achieve the desired objectives of these cities, the party responsible for the management of the economic cities must play the role of the main supervisor, administratively and financially and make provision for all requirements, services and government facilities around the clock seven days a week," he said.
The national economy will achieve many gains from the establishment of these economic cities such as reducing inland migration, easing traffic congestion and minimizing the consumption of services, preserving cash flow and local investment in the Kingdom, and attract foreign direct investments (FDIs), he said.
"There must be an efficient coordination between the Ministry of Commerce, Industry and businessmen, as well as agents and the major car companies, heavy equipment manufacturers, consumer products and other companies, for the maximum utilization of these economic cities," Al-Saneei said.