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11-11-14

Saudi RCJY attracts USD239.78b in local investments

(MENAFN) The Royal Commission for Jubail and Yanbu (RCJY) said that it has been able to attract a total of USD239.78 billion in investments locally for its expansion and development works in its different fields since it began working in both its Jubail Industrial city and Yanbu City, Arab News reported.

These investments have resulted in the city having over620 plants in the cities of the Royal Commission as well as producing 98 products in these plants.

The commission said that those investments helped it its currently having a major contributor to the GDP of Saudi Arabia by 12 percent as well as contributing 65 percent or two-thirds of the domestic industrial output.

In addition to that, RCJY's exports currently constitute more than 71 percent of the total of Saudi exports while the nonoil exports of the Royal Commission cities make 85 percent of the total of the Kingdom's nonoil exports.

The RCJY was also able to attract an estimated total investment of USD37.83 billion to its new project Jubail II, with 16 specialized factories opening in the city including huge industrial complexes for petrochemical and derivatives products such as Saudi Aramco, French Company Total Refining and Petrochemical Company (SATORP), and Sadara Chemical Company.

Meanwhile, for the Yanbu II project, the RCJY attracted a total of USD3.11 billion in investment, with many companies investing in the city like Saudi Aramco Base Oil Company, National Company for Titanium Dioxide (Cristal), Al Yamamah Steel Industries Company, and Green Gulf Polysilicon Company.

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