Saudi King Salman bin Abdulaziz launched on Tuesday industrial projects worth 92.2 billion U.S. dollars in the country’s Eastern Province, Saudi state news agency SPA reported.
king Salman kicked off mining projects in Ras Al Khair Industrial City, worth over 34.6 billion dollars, while also laid the foundation stones in Al-Jubail Industrial City for several industrial and developmental projects, with investments totaled 57.6 billion dollars, reports said.
The investment on Ras Al Khair Industrial City is mainly devoted to infrastructure building, including transportation, power and gas station.
The projects would contribute up to 63.9 billion dollars to the gross domestic product, said Khalid Al-Faleh, minister of Saudi Energy, Industry and Mineral Resources.
In Al Jubail Industrial City, the investment would benefit the state-owned Royal Commission, Saudi Aramco and also the private sector, as the country is making major shift from oil-dependency to economic diversity.
Saudi Arabia has been taking steps towards realizing the Kingdom’s vision 2030 such as a nationwide budgeting campaign that promotes national oil-independent income, to endorse local businesses.