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$60b in defense deals expected to lift Saudi economy
Saudi Arabia’s five planned economic cities, including the 173 square km King Abdullah Economic City, will become a major target of these investments, according to Grant Rogan, the chief executive of Blenheim Capital Partners, a consulting and financial advisory firm that specializes in defense deals. Other high-interest areas include education, information and communications technology and homeland security.
Building on Saudi hopes
Saudi Arabia is also building six “economic cities”, including the $26.6bn King Abdullah Economic City, as part of a plan to promote private investment and generate jobs for a population in which one in five are under 25. “There is a strong will from Saudi Arabia to focus on such projects,” says Ali Kolaghassi, the vice president of corporate business development at Saudi Oger, one of the country’s biggest contractors. “The projects will be to accommodate Saudis in desperate need of schools, housing, retail, etc.”
