IslamicFinance.de

Saudi Arabia has led the way in developing pristine new cities devoted to specialized industries through a proposed public/private endeavor. Under development are four Economic Cities, Each of the them has a different private developer. The Saudi Arabian General Investment Authority (SAGIA) is consigned the role of attracting and processing foreign direct investment. The Economic Cities Authority is designed to regulate but not develop the new cities. The projects are intended to bring in modern technology, management skills, corporate governance and new industries so that the Kingdom is no longer dependent on oil and gas.