Booming Saudi Arabia Could Be A Job Goldmine
"The excitement is that, as one booming economy after another crumbles into dust, this is a land of opportunity. So, is it time for companies to revisit this overlooked market to see if the potential rewards outweigh that initial apprehension?"
"The even better news is that the Saudis have big plans – and the cash to see them through. Paul Williams, the director of trade and investment at the British embassy, says the government has $400bn in the bank waiting to be spent on construction projects over the next five years, and about $1 trillion worth of projects in the pipeline. And this money is not going to be squandered on speculative development. Unlike the UAE and Qatar, which rely on huge expat populations to create a market, Saudi Arabia is building for its own population. There are 27 million people living there, out of which 21 million are Saudi nationals, and the population is projected to double in the next 30 years."
"To support this explosion, the government will need to create homes, universities, schools, and infrastructure. It plans to do this by building six "economic cities" worth £69bn, complete with housing, education and employment opportunities. Four of these have already started on site, including the flagship, King Abdullah economic city near Jeddah, which will be the size of Washington DC. The plans also include 2,000 schools, eight universities and 28 power stations and desalination plants. Work has also started on a financial district in Riyadh."