Tuesday, April 18, 2006

Cisco Systems Intends to Invest Over US $265 Million (SR 1 Billion) in Saudi Arabia Over Next Five Years: Financial News - Yahoo! Finance

"Cisco Systems (Nasdaq:CSCO - News) today announced a significant investment initiative in Saudi Arabia totaling more than US $265 million (Saudi Riyal 1 billion). This announcement was made by John Chambers, President and CEO of Cisco Systems, during his visit to the Kingdom of Saudi Arabia and highlights the growing importance of the Saudi market in the global economy.
'Saudi Arabia is experiencing a transformation as it expands its economic growth opportunities into new sectors using information technology,' said Chambers. 'Today's announcement of our investment plans in Saudi Arabia reflects our alignment with the country's focus on entrepreneurship, innovation and education, which we believe will help drive the 21st century global economy.'"

1 comment:

WOM said...

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.