New Saudi industrial firm to set up 20 projects
, March 27, 2014
Twenty new industrial projects worth SR7.45 billion ($1.99 billion) will be set up by the newly established Saudi Arabian Industrial Development Company in the next five years, Saudi Finance Minister Ibrahim Al-Assaf was quoted as saying.
The government will also invest about SR5.6 billion on infrastructure required by these projects, including wharfs at ports, he said in an Arab News report.
The company will have a major impact on the kingdom's industrial sector, he said.
The company will have a capital of SR2 billion and the Public Investment Fund (PIF) will contribute 50 percent of the capital, while Saudi Aramco and Sabic will provide 25 percent each. Al-Assaf is also the chairman of the PIF board.
The new company will mainly invest in petrochemicals, plastics, iron and steel, aluminum and fertilizers as well as other basic industries, he said in the report.