Yanbu Industrial City is set to receive $21bn in investment over the next few years.
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The Industrial City of Yanbu is expected to receive new investments worth more than $21bn in the coming years, a senior official at the Royal Commission for Yanbu has told the Madinah Governor, Prince Faisal bin Salman.
The meeting took place during a reception at the King Fahd Cultural Centre, media reports said. The Royal Commission’s objectives, major industries in the city and the facilities being offered by the Royal Commission to investors and industrialists were discussed.
Yanbu Governor Ibrahim Al-Sultan, CEO of the Royal Commission in Yanbu, Dr Ala bin Abdullah Naseef and other senior officials were present to receive the prince on arrival.
Prince Faisal also visited Saudi Aramco’s facilities in the city where he was received by Abdul Rahman Al-Wohaib, senior vice president for refinery and marketing, and other officials.
A documentary screened during the visit highlighted Aramco’s history and progress, its activities in Yanbu and its contributions toward boosting the Kingdom’s economic and industrial progress. It also explained the company’s efforts to nationalize its workers. The documentary highlighted Saudi Aramco’s growth as a leading international oil company.
The governor was also briefed on Aramco’s efforts to build the careers of Saudi men and women and develop their capabilities through various programs to make use of the country’s natural resources.