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Saudi needs tech start-ups to create jobs - Google's Schmidt

Google executive chairman Eric Schmidt said that Saudi Arabia must encourage technology start-ups to create jobs, as the economy faces challenges amid falling oil prices.
Saudi Arabia is the world's top oil exporter. It relies on hydrocarbons for 90 percent of its state revenues, but oil's slide is slashing that income.
The authorities are also under pressure to bring down the unemployment rate - which was 11.8 percent last year, according to official data.
Schmidt said nearly two-third jobs are created by new companies, and that the kingdom must follow that cue.
The three-day Global Competitiveness Forum (GCF) focuses on the country's investment sectors and development projects.
The chief of the country's investment body said foreign investments had grown considerably in the past 10 years, leading to overall economic growth.
The forum will showcase investment opportunities and provide the networking opportunities for delegates and potential investors.

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