Saudi Crown Prince kicks off SR 64 billion building spree
Lays the foundation stone for Jubail Industrial City II and for several new SABIC projects
Saudi Crown Prince Abdullah bin Abdul Aziz, deputy premier and commander of the National Guard, has laid the foundation stone of Jubail Industrial City II as well as for some 26 major projects that are to be built in the complex. Their combined value comes to a staggering SR 64 billion, according to Saudi officials.
The mega projects at Jubail Industrial City II include a number of industrial and utilities projects belonging to Saudi Basic Industries Corporation (SABIC), Power and Water Utility Company for Jubail and Yanbu (Marafiq) and other private sector companies, according to Prince Saud bin Abdullah bin Thenian Al Saud, chairman of the Royal Commission for Jubail & Yanbu and chairman of SABIC and Marafiq.
He told Saudi Press Agency that the development of Jubail Industrial City II will be targeted as a high potential area for the growth of basic, secondary and support industries given the availability of hi-tech equipment, crude resources and the city’s location, which is central to the international markets.
“It is an unsurpassed opportunity that will attract local and foreign investments,” said Prince Saud. “Jubail Industrial City II, SABIC and the private sector’s new projects are concrete evidence of Saudi Arabia’s successful and strategic planning to drive the country’s economy to minimise reliance on oil resources and as a torchbearer of the country’s privatisation drive. The Crown Prince’s visit assures the soundness of the Saudi economy and ability to continue development and face greater challenges.”
After laying the foundation stone of Jubail Industrial City II, Prince Abdullah laid the foundation stones for the Hadeed expansion project, Safco expansion project 4, and Ar Razi expansion project 5. He inaugurated the first phase of the United Company, Petrochemia polyethylene plant, the fifth phase of the GAS Co. as well as SABIC R&D centre in Jubail. Mohamed H. Al Mady, SABIC vice-chairman and CEO, described the royal visit as the, “season of plantation and the feast of harvest.”
“SABIC has become, within a short period, one of the world’s largest companies and has vanced well ahead of established and major manufacturing companies,” he said. “SABIC has built up a highly qualified and well-trained Saudi industrial generation of 11 000 engineers, technicians and skilled labour. It successfully migrated from product manufacturing and marketing to the innovation and exporting of technologies.”
These latest projects reflectthe boom in Saudi’s cosntruction sector. In CW issue 51, Khalid Al Gahtani, chairman of the Saudi National Real Estate Commission, put the the value of construction projects then underway in the country at SR100 billion (US $27.25 billion.)