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Total investments in the twin industrial cities of Jubail and Yanbu have reached SR 800 billion, according to Prince Saud bin Abdullah bin Thunayan, chairman of the Royal Commission (RC).
Speaking to reporters on the sidelines of the World Economic Forum (WEF) in Amman, he called for the economic integration of Arab countries by carrying out joint investment projects.
He said the Saudi government’s move to promote the industrial sector, especially petrochemicals and minerals, was a strategic option to accelerate its diversification drive.
“Custodian of the Two Holy Mosques King Abdullah launched a number of new industries in Jubail and Yanbu valued at more than SR 400 billion,” he said.
He said the RC has invested about SR 10 billion for the development of infrastructure in the new Ras Al-Khair industrial city. Work on a 85-km road between Jubail and Ras Al-Khair has been completed.
He revealed plans to open new industries in Jubail and Yanbu.
Mohammed Al-Mady, vice chairman and CEO of SABIC, said the WEF was a golden opportunity for Arabs to discuss vital economic, political and social issues and find viable solutions to them. He backed Prince Saud’s call urging Arab countries to promote partnership in economic, investment and trade sectors. “Arab interest demands the need to give priority to investing in Arab countries as it would strengthen Arab economies,” Al-Mady said.