Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Investments in economic cities estimated at SR500 billion  Join our daily free Newsletter

MENAFN - Arab News - 15/12/2013
No. of Ratings : 0
Add to Mixx!



(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.


 


Arab News




  MENA News Headlines
 Aug 30 2015 - Lebanon- Calm restored downtown Beirut after arrestsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Calm was restored in downtown Beirut's Al-Shuhada Square and Riyadh Al-Solh Squares after protests were wrapped up and a number of arrests took place.Earlier on ...

 Aug 30 2015 - Sudanese Pres. receives Yemeni peerKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Sudanese President Omar Al-Bashir held summit talks with visiting Yemeni President Abd-Rabuh Mansur Hadi on a range of bilateral and regional issues of common ...

 Aug 30 2015 - Conf. of Engineers Without Borders - Kuwait opens SundayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Under auspices of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Engineers Without Borders (EWB) organizes 'decision 2015' conference, ...

 Aug 30 2015 - Kuwait's IICO to launch Eid Al-Adha projects worldwideKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The International Islamic Charitable Organization (IICO) is preparing to launch Eid Al-Adha oriented projects in some 62 states around the globe.IICO's Director ...

 Aug 30 2015 - USD up against Kuwaiti dinarKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) US dollar went up against the Kuwaiti dinar, trading at KD 0.302, however, the euro dropped to KD 0.337 on Sunday as compared to Thursday's trades, the Central ...

 Aug 30 2015 - Kuwait- Development of education "joint social responsibility" - Education MinistryKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Developing education in Kuwait is a responsibility that all sectors of society should partake in, said an official at the Education Ministry Sunday.Ministry ...

 Aug 30 2015 - Suicide bombing in Aleppo, Syria, kills ten peopleKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Ten people were killed while others were injured following a booby-trapped car explosion claimed by the so-called the Islamic State in Iraq and Levant (ISIL), in ...

 Aug 30 2015 - Algeria to cut spending by 9 percent in 2016MENAFN
(MENAFN) Algeria's government said it will cut spending by 9 percent in 2016, mainly due to the sharp drop in oil prices, as OPEC tries to counter the drop in energy revenues that account for 60 ...

 Aug 30 2015 - Kuwait- His Highness the Prime Minister receives outgoing Egyptian, Tunisian diplomatsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah received separately at Seif Palace Sunday Egyptian and Tunisian Ambassadors to Kuwait ...

 Aug 30 2015 - Saudi Red Sea Mall launched work on USD53.3m expansionMENAFN
(MENAFN) Jeddah's biggest shopping center, The Red Sea Mall, announced that it is starting its largest expansion project with a value of USD53.3 million, allocated to expand buildings and to develop ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help