Yanbu Industrial City is expected to attract SAR 80 billion in FDI in 10 years, president

Yanbu Industrial City is expected to attract as much as SAR 80 billion in foreign direct investments in the next decade as the city prepares to position itself as the industrial capital of Saudi Arabia, according to  Executive President of the Royal Commission for Jubail and Yanbu Ala Naseef.

Jubail and Yanbu industrial cities, where 10 percent of total world’s petrochemicals output is produced,  contribute 10 percent to Saudi Arabia’s GDP, he was quoted as saying in Okaz newspaper. Private sector investments annual growth has reached 18 percent.

Total investments in Yanbu currently stands at SAR 230 billion, he added.

Projects in the pipeline include investments in renewable energy and innovation, infrastructure for residential areas and industrial development, he said.

Moreover, new industries are flourishing in the city including automobile and truck making, desalination and oil-to-gas industries.