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New Strategies, Financing Channels for More Industrial Momentum in Saudi Arabia | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi Aramco Chief Executive Officer Khalid al-Falih speaks to the media at the company’s booth during Petrotech 2014, a petrochemicals conference, at the Bahrain International Exhibition Centre in Manama May 19, 2014. REUTERS/Hamad I Mohammed/File Photo – RTX2DC79

Jubail- Saudi Minister of Energy, Industry, and Mineral Resources Khaled al-Faleh revealed new steps taken by Saudi government to stimulate the industrial sector so it can play its role in the national economy and the domestic product.

Faleh noted that the government seeks providing 130,000 job opportunities in the industrial sector by 2020.

He added that a new mining strategy will be approved in line with expanding gas transmission pipelines, connecting the east of the Kingdom with its west, to be able to transmit larger quantities of gas to companies and desalination and electricity plants on the Red Sea, attract car factories and limit bureaucracy that draws away investment.

Faleh pointed out the new discoveries for oil and gas in the Red Sea region that will be developed soon to provide large quantities of gas for companies and plants on the Red Sea and get rid of liquid fuel.

Faleh said that Saudi Arabia is serious about putting part of Saudi Aramco’s shares to initial public offering (IPO), stressing that this will be carried out with professionalism and with specific details that are going to be announced when the company is put up to IPO in global financial markets.

He said that measures taken by the Saudi government to amend the tax rate on oil companies and its systematic and organized work prove the Kingdom’s seriousness in allocating part of Aramco to IPO.

The Saudi minister was talking on Wednesday in a meeting organized by the Royal Commission of Jubail and Yanbu and that of Ras al-Khair on the pathways of the Ministry’s system in Jubail.

Along with Prince Saud bin Abdullah bin Thunayan, the Chairman of Royal Commission for Jubail, Yanbu and Ras al-Khair, Faleh listened to the success stories narrated by a number of companies in Jubail’s industrial city.

He confirmed that the future of Saudi industry is very promising, saying that the track of Saudi strategic industry is inspired by Saudi Arabian Basic Industries Corporation (SABIC), which represents a success base for the Saudi industry.