Royal Commission for Jubail and Yanbu (RCJY) signed on Sunday 40 investment, industrial and constructional deals, worth more than USD5 billion.
Mosleh al-Otaibi, chief executive of Royal Commission for Jubail, said that domestic and foreign investments in RCJY reached SAR1.2 trillion (USD320 billion) while government expenditure on RCJY cities since its establishment reached around SAR150 billion (USD40 billion).
This sheds light on the committee’s vital role in reinforcing economy, diversifying income sources and finding a wide industrial base.
On the sidelines of a conference in Riyadh, Mosleh al-Otaibi, chief executive of Royal Commission for Jubail, announced signing 40 deals and agreements. Thirty agreements out of them are for dedicating locations for industrial and commercial investment projects in Jubail, Yanbu and Ras Al-Khair.
Total volume of these investments exceeded SAR18 billion (USD4.8 billion), while other 10 deals worth SAR1 billion (USD375 million) aim to construct and develop infrastructure for the committee's three cities.
Otaibi noted that the budget of 2018 indicates a strong economy in the kingdom, lauding the signing of agreements which signal the continuous flow of investment to the kingdom in general and to the Royal Commission for Jubail and Yanbu in specific.
“The state is surging more than SAR1.8 billion to develop the infrastructure of industrial investment and services that are provided to residents of all cities where the committee works,” added Otaibi.
He noted that the surge of investments would represent an added value to the Saudi GDP and youths job opportunities.
Royal Commission for Jubail and Yanbu focuses on empowering transformational and heavy industries to diversify exports. On the level of Saudization, Otaibi affirmed that the committee signs the Saudization document with all companies.