Mecca, Asharq Al-Awsat—On Thursday, King Abdullah bin Abdulaziz Al Saud initiated a number of development projects worth an estimated SAR 327 billion. The initiatives will target the Royal Commission for Jubail and Yanbu (RCJY), Saudi Aramco, Saudi Arabian Basic Industries (SABIC), and a number of private companies in the industrial cities of Jubail and Yanbu.
King Abdullah made this announcement during a function at Al-Safa Palace in Mecca. Crown Prince Salman bin Abdulaziz, RCJY president Prince Saud bin Abdullah bin Thurnayan, President of Saudi Aramco Khalid Al-Falih and SABIC President Mohamed Al-Mady were also present.
At the outset of the ceremony, RCJY president Prince Saud bin Abdullah gave the opening speech. He said: “Dear sirs, you have honored us with numerous visits to Jubail and Yanbu; you have initiated the massive Jubail and Yanbu project and you have laid the foundation stones for a number of projects to develop private investment in the region worth SAR 900 billion until today.”
Prince Saud bin Abdullah also lauded the achievements of the RCJY over the past few years, saying that Jubail and Yanbu have witnessed a sharp increase in residents, with more than 300,000 people living there today. He added that 175,000 people are employed in the two cities, and there are 70,000 students in education. The RCJY president also revealed that there are 600 factories, while domestic and foreign investment reached SAR 766 billion, with foreign investment accounting for SAR 269 billion or 37 percent of overall investment.
Jubail is an industrial city in Saudi Arabia’s Eastern Province. It is the largest industrial city in the Middle East and is also the headquarters of Saudi Aramco. Yanbu is a major Red Sea Port in Saudi Arabia’s western Al-Madinah province. RCJY was established on September 21, 1975, shortly before the Saudi government chose to develop Jubail as an industrial city.
The RCJY’s mission is to “plan, promote, and manage petrochemical- and energy-intensive industrial cities through successful customer focus and partnership with investors, employees, communities, and other stakeholders.”