Briefed of Potential Investment Opportunities and Bilateral Economic Cooperation:
US Assistant Secretary of Commerce visits Jubail Industrial City
His Excellency Engineer Adnan A. Alony, Acting Director General of the Royal Commission in Jubail, has received a delegation led by His Excellency Israel Hernandes, US Assistant Secretary of Commerce and DG of American Foreign Trade Commission. The ceremony was attended by key executives of the Royal Commission in Jubail.
Engineer Al-Alony gave a detailed presentation on the construction of Jubail Industrial City and exploitation of natural gas in the industries. Mr. Al-Alony expected that the investment growth rate would increase by the private sector due to the positive developments made in investment regulations, the supply of natural gas to the city, and keenness of H. H. prince Saud A. Thanyyan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, to allow foreign investments in the two cities. He pointed out that the Royal Commission for Jubail and Yanbu plans to increase future investments in the city and that many foreign and national companies showed interest in this respect. He elaborated (Jubail II) was an extension of the industrial success achieved in (Jubail I ). The Royal Commission for Jubail and Yanbu started development works in the 62 km2 area of (Jubail II) based on many reasons including its proximity to feedstock and the infrastructure facilities of Jubail Industrial City which could be expanded to meet the needs of industrial growth. Mr. Al-Alony further said that Jubail II was being developed through three stages, the first would be completed by 2008 and according to the plan, this stage would attract SR 91 billion worth investments, followed by the last two stages which would be completed by 2013. The total cost of developing Jubail 2 site is SR.16 billion that would bring 240 billion as investments. That is each Riyal spent by the state would yield 15 Riyals from investments in the heavy petrochemicals industry.
On his part, the guest expressed his delight in the visits that complements previous visits made by US officials which aim at strengthening economic and commercial ties between the two countries and the Saudi-American Partnership, that is deemed successful by all means. Then Mr. Hernandes and his companions visited the different sections of exhibition at the Royal Commission which show urban and industrial development in Jubail Industrial City. He concluded the tour by visiting Chevron Company.