RCJY Chairman signs contracts of agreement for Jubail and Ras Al-Khair development
“We are currently witnessing an industrial boom”.
Prince Saud bin Abdullah bin Thunayan, Chairman of the Royal Commission for Jubail and Yanbu, signed on Tuesday a number of contracts and memorandum of agreement with a number of major companies wherein he said total investment in Jubail and Ras Al-Khair has reached more than SR 418B in 365 projects.
In his opening remarks, Prince Saud praised Custodian of the Two Holy Mosques King Abdullah for his continuous support for the development of the industrial cities of Jubail and Yanbu. “These projects are extension of the giant projects that have been implemented after the Custodian of the Two Holy Mosques also laid the foundation stone for Jubail 2 in the year 2004. What we are witnessing today is a big leap in the field of industrial expansion and the fruits of the generous support of the wise leadership of Royal Commission in the development of Jubail 2, Ras Al Khair which has increased demand of investors proven by numerous land acquisition request to set up their industrial plants and manufacturing industries”, Prince Saud remarked.
Present also during the signing ceremony are HE President and CEO of Saudi Aramco, Khalid bin Abdulaziz Al-Faleh, Vice Chairman of Sabic Mohammad Al-Mady and other senior officials.
Royal Commission signed an agreement with Sadara to establish a SR 75 billion petrochemical complex, which will have 26 factories with total capacity of five million tons to produce 48 products.
According to another agreement signed by CEO Dr. Rumaih bin Mohammed Al-Rumaih, Saudi Arabian Railway will establish a 85-km railway network between Jubail and Ras Al-Khair to facilitate exports and expected to be completed in 30 months.
Later Royal Commission for Jubail CEO Dr. Mosleh bin Hamed Al-Otaibi also signed contract of agreement between Saudi Aramco and Dow Chemical Company with President Ziad bin Sami Ali-Laban, to create and operate an industrial and integrated complex that will produce chemicals with the cost expected to exceeds 75 billion riyals. “A project which is considered the largest with integrated complex of 26 factories, and produces more than 48 products, with a production capacity of more than 5 million tons annually, including petrochemical products that will be produced for the first time in the region”, Dr. Mosleh said.
Another agreement was signed with Chairman Saleh Bin Ibrahim Cubanan, for the development and operation of petrochemical stations No. 1 and 2 at King Fahd Industrial Port, where investment has reached more than U.S. $ 400 million (1500 million Saudi riyals) in a project to build reservoirs and storage facilities port no. 2. The plan expected to run in mid 2015 using the latest methods and specifications will contribute to this project and when completed will increase the handling capacity of petrochemical products and chemical of more than 22 million tons up to 35 million tons a year or two.
It is noteworthy to note that these remarkable developments under the leadership of Royal Commission comes as a fruit of cooperation and hard work that has provided numerous investment opportunities and has created thousands of employment that will further boost Kingdom’s economic position regionally and internationally.