Cisco Invests in $256M Saudi Expansion
An AP newswire article, via SFGate.com, reports that:
Cisco Systems Inc. said Tuesday it will invest $256 million to expand its operations in Saudi Arabia, including a new technology incubator and the hiring of hundreds of additional employees.More here.
Cisco CEO John Chambers said the San Jose, Calif.-based company will boost the number of employees in the kingdom from 70 to 600, establish networking training centers and sponsor a Saudi technology innovation institute and incubation space for local startup companies.
The Saudi Arabian General Investment Authority, which arranged the five-year series of investments, said the company's growing role in the kingdom will help transform the technology and educational sectors.
posted by Fergie @ 4/18/2006 10:40:00 AM
1 Comments:
Saudi Arabia is growing tremendously when it comes to its economy and this is just a sign of what's to come. Foreign investment is a huge player in a robust economy and I read somewhere that 1.25 trillion dollars of foreign investment is gonna take place over the next decade.
Citigroup also publicized a huge venture in the Kingdom.
By foreign, I mean non-Saudi.
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