Saudi Arabia has invested SR 10 billion ($2.66 billion) in the development of infrastructure in the new Ras al-Khair industrial city, Prince Saud bin Thunayan al-Saud, Chairman of the Royal Commission for Jubail and Yanbu told Al Arabiya in the sidelines of the World Economic Forum held in Jordan’s Red Sea resort.
Prince Saud said the government has also recently pumped in SR 3 billion ($388 million) for industrial development in Ras al-Khair.
He said the mass investment project is part of the kingdom’s strategy to encourage private investments needed to solve unemployment problems.
The Kingdom’s unemployment rate is estimated at about 12 percent, according to a recent government poll conducted by the Central Department of Statistics and Information.
The public sector has been struggling to provide employment for a booming population and has unveiled various programs to encourage Saudi nationals to work in the private sector.
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