RCJY industrial cities attract SR1 trillion investments

RCJY industrial cities attract SR1 trillion investments
Updated 18 April 2015

RCJY industrial cities attract SR1 trillion investments

RCJY industrial cities attract SR1 trillion investments

The volume of investments injected into Jubail, Yanbu and Ras Al-Khair industrial cities reached SR1 trillion, said Prince Saud bin Abdullah bin Thunayyan Al-Saud, president of the Royal Commission for Jubail and Yanbu (RCJY).
He was addressing a forum at RCJY head office in Riyadh on investment prospects in Yanbu industrial city.
The commission has captured 65 percent of the GCC industrial investments, he said that the the RCJY is playing a pivotal role in attracting industrial investments.
The industrial projects in the RCJY cities are producing nearly 10 percent of the global petrochemical products and are contributing 12 percent of the Kingdom’s gross domestic product (GDP), he told the gathering.
He said a royal decree has been issued to include areas located in the southern parts of the city (420 square meters) within the future expansion areas of the city that will bring the total area of the city to 606 square meters.
The Yanbu industrial city is witnessing the biggest sea water front on the Red Sea that will include residential areas, hotels and health facilities that will benefit not only Yanbu but the whole country, he said.
For his part, Royal Commission of Yanbu (RCY) CEO Alaa Nasif said investments inflows in Yanbu reached SR193 billion by the end of 2014, of which SR26 billion and SR167 billion belong to government and private sectors, respectively.
The RCY plans to market a number of residential and commercial investments in the city to the private sector companies with values exceeding SR1.8 billion, he said.
On the sidelines of the event, the RCY signed a rental deal with Ahmed Hamad Mohamed Mozaini Real Estate for the construction and operation of a waterfront hotel in the city to be run by the Hilton International Hotel Group in 2018.