Saudi Arabia's rapid population growth and high oil prices have forced the country to invest in new industrial centers that will provide jobs for millions of its citizens. "The project is Saudi Arabia’s boldest bet yet that this oil-rich kingdom can transform itself into an industrial powerhouse. The plan is part of a $500 billion investment program to build new cities, create millions of jobs and diversify the economy away from petroleum exports over the next two decades."The plan to build 6 new cities is being championed by King Abdullah. The cities will focus on four main sectors: petrochemicals, aluminum, steel and fertilizers. " According to SABB, these cities together will have four times the geographical area of Hong Kong, three times the population of Dubai, and an economic output equal to Singapore’s. Other plans include building four refineries, two petrochemical plants and a modern graduate-level university with an endowment of $10 billion. "
Such rapid growth has also had negative impacts on the country including: "inflation has been rampant in the last year; food prices and rents have risen sharply. Traffic jams in Riyadh and other Saudi cities have become a constant affliction, while real estate values have soared and the construction sector is strained by a lack of workers. "
Click here to read the full NY Times article 'The Construction Site Called Saudi Arabia' .
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