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Moving Away From Oil

One does not really associate names like Jaguar Land Rover, a British automotive company; or Mars, an American confectioner, with Saudi Arabia. For years, Saudi Arabia has become synonymous with oil. And it is not surprising considering that around 80% of Saudi Arabia’s revenue comes from oil. So, when Mars set up its chocolate factory in the King Abdullah Economic City, it came as a pleasant surprise to many, including the locals. In its quest to diversify the economy and create more jobs, the Saudi government is making all efforts possible to increase the share of the manufacturing industry in the economy.

 “Hence, there is a strong need to create more jobs,” says Sanchit Vir Gogia, Chief Futurist, Founder and CEO, Greyhound Knowledge Group.

“Energy is cheap and translates, for instance, into competitively priced products, such as aluminum and plastic; there is plenty of land; basic materials, such as limestone and sand for the manufacturing of construction related products are readily available. Also, low transport costs significantly add to the investment advantage,” remarks Gogia.

To read the Full Article, click here: International Finance Magazine

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