Royal Commission for Jubail and Yanbu is seeking SR300 billion investment in the industrial cities and have opened up huge opportunities.
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The investments, eyed over a period of the next years, are expected from both inside and outside the Kingdom. The cities offer huge investment opportunities in petrochemical, real estate, automobiles and hospitality projects.
Statistics say that the two cities contribute approximately 10 percent annually to the gross domestic product of the Kingdom.
Dr. Alaa A. Nassif, CEO, Royal Commission at Yanbu, said that the industrial cities are offering a number of major developments in Jubail and Yanbu to investors across the region.
“Projects worth SR187.5 billion in Jubail and SR93.75 billion in Yanbu are open for foreign investment,” he said on the sidelines of Annual Investment Meeting.
Dr. Nassif added projects worth SR18.75 billion are also available for investment in Ras Al Khair Industrial City.
Jubail Industrial City, which holds Middle East largest and world’s fourth biggest petrochemical company, is undergoing massive expansion to strengthen its position as petrochemical hub in the region.
Yanbu Industrial City, located on Red Sea coast, plays a major role in the Kingdom’s dynamic economy. It has become a hub of the Kingdom’s major hydrocarbon-based and energy-intensive industries.
Currently, the industrial city hosts 50 light manufacturing and support industries and 33 hydrocarbon, petrochemical and mineral industries.
“With this solid economic base, Yanbu is a focal point for investors. To date, industrial developers alone have invested over SR40 billion at Yanbu,” according to a document prepared by Royal Commission for Jubail and Yanbu. “More than 53 new industrial plants are in various stages of construction or planning.”
Dr. Nassif said Jubail and Yanbu’s business climate and wealth of investment opportunities offer great promise of success and enrichment.
“Investment opportunities are also available in business that provides essential goods and services to other industries and to the general community,” he said.
According to Royal Commission at Yanbu, large areas of land are available to investors who wish to undertake the total development of a site.
“The commission is encouraging investors to develop potential residential areas. Several districts have been set aside for development by the private sector,” according to the document.
Dr. Nassif said Ras Al Khair city, some 60km north of Jubail, also offers investment opportunities in the mining sector.
“Ras Al Khair, also known as Minerals Industrial City, hosts major mining giants Alcoa and Saudi Arabian Mining Company, Ma’aden, and has huge investment potential,” he said.