New economic cities to attract foreign capital, create more jobs

The experts say the new cities will open up more than 3 million job opportunities, find real solutions for unemployment and attract foreign capital.
Economic analyst Abdulrahman Al-Sanie said the cities would help transfer industrial technology from the developed countries to the Kingdom and, therefore, cut back prices of raw materials.
Volume of investments in these cities stand at SR50 billion for each city and their distribution in different parts of the Kingdom will boost sustainable development in these parts and find solutions for unemployment, Al-Sanie said.
He called for coordination between the cities, the Ministry of Commerce and industry and international companies to set up local auto factories, which, he believes, will bring these companies closer to customers in the Kingdom.
Economic analyst Ali Al-Thawani said the cities are located in the border areas, which make them a strong economic facet for the Kingdom.
The cities will further convert the area into productive and industrial localities, attract the qualified cadres and stop inland migration that has continued for nearly 30 years, he said.
He said the cities would attract local manpower that, in turn, will contribute to the development of national economy as the step is seen as one of solutions for unemployment.
He recommended speedy implementation of the cities whereby they can enter production lines so as to achieve the required goals.