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Saudi Arabia mulls new economic areas in north and east

MANAMA, Bahrain - Saudi Arabia is considering the establishment of two new economic areas in its northern and eastern areas, Saudi Arabian General Investment Authority (SAGIA) revealed on Saturday.

In a report monitored in neighbouring Bahrain, SAGIA said that the two new areas are the final two site of the original six that SAIGA envisioned as part of its strategy to achieve rapid and continuous economic growth in Saudi Arabia.

The strategy seeks to attract huge investments that could contribute to economic growth exceeding the population rise, improve per capita income, create more job opportunities, and channel investments to the less developed regions which are currently less attractive for investment.

The strategy also calls for the selection of specific sites in the west, north, center, south and east to be starting points for exporting manufacturers out of the country, depending on the advantages enjoyed by each region.

Four economic cities in Rabg, Ha’il, Medina, and Jizan had already been established.

SAGIA governor Amr al-Dabbagh said that the Custodian of the Two Holy Mosques, King Abdullah bin Abdul Aziz al-Saud, had ordered a study to be carried out for establishing the two economic areas.

SAGIA’s announced mission is positioning Saudi Arabia among the top ten most competitive nations by 2010 through the creation of a pro-business environment, a knowledge-based society, and by developing new, world-class Economic Cities.