Saudi Arabia to set up 6 industrial parks

12 Apr 2010

(MENAFN) An official at the Saudi Industrial Property Authority said that the Kingdom is planning to set up six more large industrial parks and hand out contracts worth up to $1.6 billion to equip them, Reuters reported.

The total area of parks would rise to 71 million square meters in a first step and later to more than 100 million square meters, up from 42 million, according to the official.

Saudi Arabia is rolling out investments worth $400 billion until 2013 to upgrade infrastructure, build roads, power plants, utilities or universities.

To attract investments, the government is creating so-called industrial cities across the Kingdom which offer cheap leases and other subsidized government services.

Contracts would be signed on a build-operate-transfer (BOT) basis under which an investor typically runs a project for the government over a limited period of time.

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