According to the new downstream industry will create over an estimated 200,000 direct industrial jobs—and double that number indirect jobs—over the next ten years.
In context of the current low oil price, diversification away from the hydrocarbon sector has become critical for the economy. As a result, SAGIA wants to attract more high-end investors into the kingdom to create white collar, or technical jobs for its citizens.
The state agency had launched a Unified Investment Plan, or UIP, earlier this year to turn the kingdom’s diversification agenda into lucrative opportunities worth nearly $500 billion to encourage foreign companies to invest locally.
The kingdom has even changed its investment law to allow strategic investors– after their first year– an extension of their licensing period for up to 15 years before having to renew again, Al-Othman added.