$9.6bn projects launched in Saudi city
Riyadh, February 4, 2014
Several infrastructure and other projects with a total investment of SR36 billion ($9.6 billion) were launched today for the development of the city of Waad Alshamal in the Northern Borders Region of Saudi Arabia.
A range of contracts covering the construction of a number of factories, roads, a power plant and other projects in the city were signed at a ceremony patronised by Prince Abdullah bin Abdulaziz bin Mosaed, the Governor of the Northern Borders Region, an SPA report said.
Several ministers and high-ranking officials also participated in the event.
The projects come under the local development initiatives in King Abdullah Project for the Development of the City of Waad Alshamal, the report said.
The new power project will have a capacity of 1000 megawatts.
The contracts also covered projects for linking the city of Waad Alshamal with Saudi ports along the Arabian Gulf, raw material supplies and sanitary water treatment facilities.
They also included an agreement on a feasibility study of constructing a factory for solar panels and a training centre.
Prince Abdullah thanked the Custodian of the Two Holy Mosques King Abdullah for the projects which will contribute to the welfare of citizens.
Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi highlighted efforts to diversify sources of national income and said that the expected investment in factories and infrastructure signed today will reach SR36 billion.
Prince Saud bin Abdullah bin Thunayan, chairman of the Royal Commission for Jubail and Yanbu, expressed delight for the launch of these contracts and local initiatives.
Dr Ibrahim bin Abdulaziz Al-Assaf, Minister of Finance and chairman of the Public Investment Fund, underlined the importance of the signing of the contracts.