Tuesday 29, May 2012Saudi's new city spreads its recruitment drive
Saudi Arabia's King Abdullah Economic City has created 10,000 jobs with another 2,000 slated for 2015.
Fahd Al Rasheed, CEO of King Abdullah Economic City (KAEC), speaking at the 6th Arabian Business Forum, said the city being developed by Dubai's Emaar Properties will be home to 2 million residents when it is completed in 2025.
The project’s key sectors will be tourism, logistics, energy, transportation and manufacturing. KAEC’s aim is to entice western companies to invest cash in the kingdom.
Companies in Europe have $1.5 trillion in cash," Al Rasheed said. "Their difficulty is working out where to invest it - their biggest problem is entering new markets. This is something that Dubai and the Gulf needs to leverage in a big way."
Al Rasheed said the aim was that every job created in industry or logistics, three more will be created downstream and another three or four will be created in the spin off retail, marketing a services spin-off sector.
Going forward, KAEC’s port will open in 2013, the first school will open in September and a metro will need to come on stream in the next few decades, he added.
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