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Saudi Arabia launches infrastructure project to spur economy

Xinhua, November 25, 2016 Adjust font size:

Saudi Arabia will launch an infrastructure project worth 34.6 billion U.S. dollars in Ras Al Khair Industrial City on the eastern coast of the country, Al Eqtisadiya online news reported on Friday.

The project is part of a Saudi national initiative to reduce its oil dependence through promoting investment and economic diversity.

Ras Al Khair, a new port city under development in Saudi Arabia, is expected to contribute 9.3 billion dollars to the GDP with mineral extraction and refinery, and create 120,000 jobs plus tens of thousands of indirect employment opportunities for the Saudis.

Saudi Arabia has been taking serious steps, such as a nationwide cost-cutting campaign, to protect its economy from the dramatic drop in oil prices in international markets. Endit