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.
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.
ReplyDeleteCitigroup also publicized a huge venture in the Kingdom.
By foreign, I mean non-Saudi.