Saudi government has signed five new contracts to develop major chemical projects worth SR735 million ($196 million) at an industrial area in the Eastern Province of the kingdom.

The contract, inked by Royal Commission for Jubail (RCJ), will see these projects coming up on a  364,509-sq-m area in Jubail Industrial City, reported Arab News, citing a senior official.

Abdulaziz Attragi, RCJ general manager of strategic planning, said one of the deals was for Al Mubdee Company for Chemical and Industrial Services, which will establish a factory for the production of specialty chemicals and providing industrial services.

Zai Gulf Company will open a factory for the production of specialty chemicals, while Rafako Middle East's operations will recycle rubber ethylene and produce main polymers compounds, it added.