Interesting from the standpoint that it was in Dubai where we...

Interesting from the standpoint that it was in Dubai where we may see much more deman for Zn in the near future.

Saudi Arabia: King Abdullah launches SR68b industrial projects

25 May 2008
JEDDAH -- Custodian of the Two Holy Mosques King Abdullah launched 29 industrial and development projects worth more than SR68 billion in Jubail on Friday; according to Prince Saud bin Abdullah bin Thunayan, chairman of the Royal Commission for Jubail and Yanbu.

He said King Abdullah's visit would give a shot in the arm to the twin industrial cities of Jubail and Yanbu, and added that the new projects belonged to the Royal Commission, Saudi Basic Industries Corporation (SabicSabic) and the private sector.

The prince announced that some donors plan to launch new development projects worth SR20 million in the city of Jubail Albalad to mark the king's visit.

This is King Abdullah's second visit to Jubail in two years. In 2006, he launched the second Jubail Industrial City (Jubail-II) and laid the foundation for 22 mega industrial and development projects in the city involving a total capital investment of nearly SR224 billion. Muhammad Al-Madhi, vice-chairman of SabicSabic said that since establishment in a small apartment in Riyadh 30 years ago, SabicSabic has now become the fifth largest petrochemical company in the world.

Al Madhi said that last year, the company's profit crossed the SR27 billion mark. Its Saudisation level has reached 97 per cent in some of its subsidiaries. There are more than 1,500 scientists and researchers in the company.

SabicSabic has 18 industrial complexes in Jubail, Yanbu and Dammam in addition to its participation in three industrial complexes in Bahrain, and also has several plants in Holland, Germany and Britain. It has also acquired the plastic division of the US conglomerate General Electric. King Abdullah toured the SabicSabic pavilion. He awarded posthumously the King Abdul Aziz Sash of the First Order to the late Abdullah bin Suleiman Al-Hamdan, one of the first ministers of the late King Abdul Aziz. Al-Hamdan's sons received the award.

King Abdullah also laid the foundation for four Royal Commission projects involving a total investment of SR7.1 billion. These include development of Matrafiya residential area at a cost of SR2.4 billion (which is designed to accommodate 11,000 people), development of the university city at a cost of SR500 million (to accommodate 18,000 students). The second phase of Jalmouda district project (SR1.4 billion) to establish 10,200 housing units, and the second phase of Jubail-II (SR2.8 billion) are other projects.

The SabicSabic projects launched by the King include expansion of the National Industrial Gas CompanyNational Industrial Gas CompanyNational Industrial Gases Company
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(SR1.31 billion), expansion of the Saudi Methanol Company (SR3.5 billion), Saudi Iron & Steel CoSaudi Iron & Steel Co. (SR3.77 billion), Jubail United Petrochemical Company's Linear Alpha Olefins plant (SR1.2 billion), and National Gas Company's expansion project (SR1.28 billion).

King Abdullah launched the following private sector projects involving a total investment of SR50.2 billion. These include Saudi Polymers Company (Chevron-Philips) involving a capital investment of SR19.5 billion) and expansion of Saudi Aramco Shell RefinerySaudi Aramco Shell Refinery (SaSRef) with an investment of SR1.3 billion in addition to nine other projects worth SR7.2 billion.

Saudi Ethylene & Polyethylene CompanySaudi Ethylene & Polyethylene Company (SR9.5 billion), Jubail Chevron Philips Company (SR4.9 billion), Advanced Polypropylene Company (SR2.9 billion), and Chemical Methanol CompanyChemical Methanol Company (SR1.51 billion) in addition to five other projects worth SR2.2 billion.

Salman Muhammad Al-Jashi, a member of Alsharqia Chamber's board of directors, said the government's support to the economic and service sectors would play a big role in attracting foreign direct investment to the Kingdom, especially from the United States and Europe.

"This will result in achieving sustained economic progress, creating more job opportunities for Saudis and improving the condition of both Saudi individuals and companies," he added.

Al-Jashi said the Saudi economy has been making tremendous advancement in recent years. "It is heading to become one of the largest economies in the world within the next 10 years," he said and added that the growing private sector participation as well as privatisation of public corporations would strengthen the Kingdom's economy.

He called for introducing the successful experiment of Jubail and Yanbu industrial cities to other regions of the Kingdom, and said that such a move would help draw more domestic and foreign investment to the country.

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