The Royal Commission of Yanbu (RCY) CEO Alaa bin Abdullah Nassif opened the fifth annual forum for industrialists at King Fahd Cultural Center here. Some 250 industrialists are taking part in the event.
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The event aims to strengthen the relationship between the industrialists and the RCY, expanding communication and sharing visions to bring about sustainable development partnership between all the parties involved in industrial development, Nassif said.
Yanbu’s new comprehensive plan aims to achieve new industrial investments worth at least SR49 billion by 2020, next to 155 existing and under-construction industries, he said, adding that Yanbu industries are considered the cornerstone of the Saudi manufacturing economy after investing more than SR 200 billion during the past three years to develop those industries.
The official said that the new projects in Yanbu will directly benefit the existing industries, and update the indicative plan of the city, which will guide industrialists to the growth and development processes until 2030.
Nassif said Yanbu updated plan reflects the economic vision priorities for the industrial city and the key investment and growth aspects there as it refers to the development opportunities in the residential and commercial areas and basic equipment needed for various future and manufacturing industries that will increase the business' value and quality.
“The project of establishing Yanbu Center for Logistics topped the priorities, which will enable Yanbu to be a passage to the city's logistic supplies, as many industry leaders in the city committed using the new center.”
The RCY’s most important projects include the rubber industry complex, which will be established in partnership with the Ministry of Petroleum, Saudi Basic Industries Corporation (SABIC), ExxonMobil and the program of national industrial complexes, besides a new tire factory, he added.
Nassif said the Yanbu Smart City project will provide creative services for visitors in residential, commercial and industrial areas.
To implement these new projects, Yanbu Industrial City will provide more than 80,000 jobs in the industrial areas by the year 2030, which will be occupied by graduates of colleges and institutes of the Royal Commission, he added.
This year’s event coincides with the development plan of the industrial city of Yanbu to expand the industrial zone, implement the ambitious initiatives to develop existing and future industries, and provide a variety of job opportunities.