The chairman of the Royal Commission for Jubail and Yanbu, Prince Saud bin Abdullah bin Thunayan, also said that the huge investment projects would create more jobs in downstream industries.

Prince Saud made the announcement as he opened a two-day forum on petrochemical and mineral downstream industries in Yanbu on behalf of Custodian of the Two Holy Mosques King Abdullah.

“These investments highlight the strength and vitality of the Saudi economy and its ability to face international challenges. The Saudi economy remained sold and stable despite the recent world financial crisis,” he said.

Prince Saud pointed out that the huge investment projects would add more value to national economy.

A number of top ministry officials and key private sector personalities are taking part in the forum.

The first session discussed the challenges facing the development of the downstream industry and the impact of innovative chemical industry on the downstream industry.

The speakers included King Abdul Aziz City for Science and Technology (KACST) President Dr. Muhammad bin Ibrahim Al-Suwaiyel, Saudi Arabian General Investment Authority (SAGIA) Gov. Amr Al-Dabbagh and SABIC Deputy Chairman and CEO Mohamad Al-Mady.

Ben Van Beurden, president chemicals, Royal Dutch Shell and James D McIlvenny, Group Vice President, Mega Projects, The Dow Chemical Company were also among the speakers.

Prince Saud opened the exhibition at the end of this session and toured various pavilions.

The “promotion of markets and identification of opportunities” was the theme of the second session which focused on outlining, assessing and presenting opportunities available in Saudi Arabia for downstream industries.

There were also separate sessions on “financing and costs of downstream projects” and “auxiliary factors.”