JEDDAH, 10 April 2007 -- A large number of investment opportunities await young Saudi businessmen and women at the Kingdom's new economic cities in Rabigh, Hail, Madinah and Jizan, according to Fahd Al-Rasheed, deputy governor of Saudi Arabian General Investment Authority (SAGIA).

Al-Rasheed is one of the key speakers at the young businessmen's forum to be organized by the Riyadh Chamber of Commerce and Industry on May 6-7, 2007.

"SAGIA is committed to create strong areas for young businessmen and women at the mega economic cities," he said.

Rakisa Holding, lead developer of Prince Abdulaziz bin Musaed Economic City in Hail, which has signed a deal with the chamber to sponsor the event, offers a lot of investment opportunities to young businessmen. In addition to foreign experts, a large number of prominent Saudi businessmen will take part in the forum.

Occupying a total land area of 156 million square meters in the northern Saudi city of Hail, the Hail Economic City is set to become a premier hub in logistics, mining, information technology, basic building materials, agricultural manufacturing, education and smart infrastructure sectors.

"The city is gaining momentum as a pillar of logistical and industrial services, and will promote aggressive strides in industrialization and economic diversification," said Abdullah Al-Rakhis, chairman of Rakisa Holding. "Our top priority is to develop a smart infrastructure and advanced services that will support the different sectors contained in the city such as mining, agricultural manufacturing, basic building material, in addition to housing and education facilities that will offer a unique lifestyle for city tenants," Rakisa chief added.

The first phase of Hail Economic City presents a three-level plan -- SR6.4 billion will be invested on infrastructure and SR30 billion for business projects within seven years, generating more than 30,000 employment opportunities.

In the second phase, SR9.8 billion will be invested in infrastructure and SR48 billion in the other sectors, generating 66,000 jobs.

The third phase will witness a SR13.7 billion in infrastructure investment coupled with a SR67 billion investment in other sectors, that would create an expected 119,000 new jobs.

The Hail Economic City, launched by Custodian of the Two Holy Mosques King Abdullah last year, has an investment of over SR10 billion and plans to put up 30,000 residential units and a knowledge zone accommodating up to 40,000 students.

SAGIA Governor Amr Al-Dabbagh said the new economic cities in the Kingdom would contribute $150 billion to the gross domestic product (GDP) by year 2020. They will also provide job opportunities to 1.3 million people, living environment for 4.5 million people and increase per capita GDP from $13,000 to $33,500, he pointed out. The four economic cities require at least SR300 billion in capital investment.

By P.K. Abdul Ghafour

© Arab News 2007