Saudi investment company plans projects worth $2bn

Saudi Arabian Industrial Development Company has announced that it will carry out 20 projects over the next five years involving a capital investment of $2bn (SAR 7.45bn), according to Finance Minister Ibrahim Al-Assaf.

“This company will have a tremendous impact on the Kingdom’s industrial sector, making it more competitive in world markets,” he told Arab News.“The government will invest about SAR 5.6bn on infrastructure required by these projects, including wharfs at ports,” he added.

[tbpspa]

Al-Assaf, who is chairman of the board of directors of Public Investment Fund, thanked the Council of Ministers for its decision to license the new company with a capital of $533.3mn (SAR 2bn).PIF will contribute 50% of the capital while Saudi Aramco and SABIC will give 25% each.

He said the new company would exploit its basic products as well as the products of strategic industries in the Kingdom to use them for downstream and support industries.“It will invest in petrochemicals, plastics, iron and steel, aluminum and fertilisers as well as other basic industries,” he said.

No.of Reads (247)

WCK

A light Year Ahead News Source.