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Saudi king launches 92 bln USD industrial projects

Xinhua, November 30, 2016 Adjust font size:

Saudi King Salman bin Abdulaziz Al Saud launched on Tuesday industrial projects worth 92.2 billion U.S. dollars in the country's Eastern Province, Saudi Press Agency reported.

The king launched 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 and supplement facilities of electricity, water and gas.

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 serious steps, such as a nationwide cost-cutting campaign, to protect its economy from the dramatic drop in oil prices in international markets. Endit