RIYADH, (KUNA) — Head of the Royal Authority of Jbeil and Yanbu cities Prince Saud Abdullah bin Thunayan expected Saturday that amount of investment in Jbeil area would reach USD 59.7 billion.
Prince Saud told journalists after signing an agreement with Saudi Cadastral Survey Authority that he expected Yanbu area to attract USD 32 billion worth of investment, including a project owned by Saudi Arabian Basic Industrial Corporation (SABIC).
The three-year agreement has come as part of the royal authority”s strategy: To meet the demands of building two industrial cities by employing financial and human capitals to their potentials through integration between public and private sectors.
Prince Saud stressed the importance of building railroads between the two cities, similar to that being built by the Public Institution of Railroads between Jbeil and Dammam.
According to the agreement, Saudi Cadastral Survey Authority provides geographic and digital maps and conducts studies and researches for to the Royal Authority of Jbeil and Yanbu in addition to administrative and environmental consultancies.