JUBAIL, 24 May 2008 — Custodian of the Two Holy Mosques King Abdullah launched 29 projects in the Industrial city of Jubail with a total investment of more than SR68 billion yesterday at a ceremony organized jointly by the Royal Commission for Jubail and Yanbu and the Saudi Arabian Basic Industries Corporation (SABIC).
“King Abdullah laid the foundation stones of projects with investments of SR34 billion and launched projects with investments of SR34 billion,” said Prince Saud ibn Abdullah ibn Thunayan, chairman of the Royal Commission for Jubail and Yanbu after the ceremony.
“The farsighted vision of the king has enabled the Industrial City in Jubail to be the largest engineering project of its kind in the world,” Prince Saud said, narrating the progress achieved by the Royal Commission in various fields over the years.
“The Royal Commission has a number of huge industrial complexes, the last of them being Kiyan Petrochemical Co. which consists of 15 plants.
The prince enumerated the achievements made by the Royal Commission in the fields of engineering, electricity, water desalination and industrial cooling.
The prince added that two colleges for men and women and an institute of technology were established recently in Jubail and Yanbu on orders from the king.
There are more than 9,200 men and women studying at the eight educational institutes run by the commission.
The prince congratulated the king for the achievements made by Saudi Aramco, which is currently celebrating its 75th anniversary.
The prince concluded his speech by saying: “I am happy to announce a plan by some donors to launch new development projects worth SR20 million in the city of Jubail Albalad to mark the king’s visit to this place.”
In his address, Vice Chairman of SABIC Muhammad Al-Madhi said that SABIC, which had its humble beginnings in a small apartment in Riyadh 30 years ago facing countless problems but with boundless dreams, has now become the fifth largest petrochemical company in the world.
“Last year, the company’s profit crossed the SR27 billion mark. Its Saudization level (the number of employees that are Saudi) has reached 97 percent in some of its subsidiaries. The number of scientists and researchers in the company are more than 1,500,” he said.
SABIC has 18 industrial complexes in Jubail, Yanbu and Dammam in addition to its participation in three industrial complexes in Bahrain with the participation of Gulf capital. It also has several plants in Holland, Germany and Britain. SABIC also acquired the plastic division of the US conglomerate General Electric.
“This is how SABIC has reinforced its competitive power amidst the huge global companies,” he said.
Khalifa Abdul Latif Al-Molhem, chairman of the Advanced Polypropylene Company, said the companies in the region attracted an investment of SR400 billion because of the government’s efforts in providing an investment friendly atmosphere for both Saudis and foreigners.
King Abdullah was received on his arrival at the venue by Eastern Province Gov. Prince Muhammad ibn Fahd, Chairman of the Royal Commission for Jubail and Yanbu Prince Saud, Deputy Gov. of Eastern Province Prince Jelwi ibn Abdul Aziz ibn Mosaed, and Minister of Petroleum and Mineral Resources Ali Al-Naimi.
King Abdullah visited an exhibition organized by the Royal Commission. The king was briefed on distance e-learning and other advanced facilities showcased at the pavilion by the general education sector of the commission. He also toured the SABIC pavilion.
The king also awarded posthumously the King Abdul Aziz Sash of the First Order to the late Abdullah ibn Suleiman Al-Hamdan, one of the first ministers of the late King Abdul Aziz. Al-Hamdan’s sons received the award.
