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27-03-14

Saudi Industrial Development to establish 20 projects

(MENAFN) Saudi Arabian Industrial Development Company, a newly established company, plans to invest as much as USD1.98 billion in 20 projects over five years, according to Arab News. Finance Minister Ibrahim Al-Assaf said: "This company will have a tremendous impact on the Kingdom"s industrial sector, making it more competitive in world markets." Al-Assaf added: "The government will invest about SR5.6 billion on infrastructure required by these projects, including wharfs at ports." The company was licensed by the Council of Ministers with a USD533 million capital.