Saudi industry hub bags 80bn investments

The Industrial City of Yanbu is expected to receive new investments worth more than SR 80 billion in the coming years, a senior official at the Royal Commission for Yanbu said. It was revealed during a reception given to Madinah Gov. Prince Faisal bin Salman at King Fahd Cultural Center. There was a presentation on the industrial city, RC’s objectives, major industries in the city and the facilities being offered by RC to investors and industrialists. Yanbu Gov. Ibrahim Al-Sultan, CEO of Royal Commission in Yanbu, Dr. Ala bin Abdullah Naseef and other senior officials were present to receive the prince on arrival. Prince Faisal also visited Saudi Aramco’s facilities in the city where he was received by Abdul Rahman Al-Wohaib, senior vice president for refinery and marketing, and other officials. A documentary screened during the visit highlighted Aramco’s history and progress, its activities in Yanbu and its contributions toward boosting the Kingdom’s economic and industrial progress. It also explained the company’s efforts to nationalize its workers. The documentary highlighted Saudi Aramco’s growth as a leading international oil company. The governor was also briefed on Aramco’s efforts to build Saudi men and women and develop their capabilities through various programs and make use of the country’s natural resources. Aramco officials also spoke about the company’s move to invest in renewable energy, unconventional resources and environment-friendly technologies. Prince Faisal also visited Yanbu National Petrochemical Company (Yansab) where he was received by Osama Basheikh, director of the company and other officials. The governor was briefed on the company’s activities and achievements. The royal visit also covered the desalination plant in Yanbu. Dr. Abdul Rahman Al-Ibrahim, governor of Saline Water Conversion Corporation, briefed the governor on the plant’s capacity and its efforts to supply drinking water to all parts of the Madinah region. From : Arab News