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Investments In Saudi Maritime Sector Reach $50 Billion

Saudi Arabia : 30 May 2011

A senior executive in maritime transport stated that industry investments are forecasted to hit $50 billion in Saudi Arabia.

CEO of Gulf Capital, Issa Al-Hamadi spoke to Asharq Al-Awsat out of London, stating that estimates put the field’s investments at $50 billion or above when regarding all activities.

Maritime transportation has links to developments within the oil and mining sectors creating massive growth potential within Saudi Arabia, according Al-Hamadi. He urged the government to boost sponsorship levels within the Sector and made note of the success Singapore has had with this move.

Investments within the maritime sector have experienced slower growth as a result of bureaucratic barriers and key challenges, stated the Gulf Capital CEO. Al-Hamadi called for the set up of an independent and unbiased authority targeted at moving development forward in the sector.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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