Saudi Basic Industries Corporation (SABIC) has signed two memorandums of understanding (MoU) with Germany’s SCHMID and RIWAQ Industrial Development to establish an industrial complex at a total cost of SAR 1.6 billion.
The announcement came during the Future Investment Initiative summit that is being held in Riyadh on 23-25 October 2018.
Under the two deals, silicon plants will be built in the Jubail Industrial City. The project is aimed at developing the Saudi downstream industries and attracting foreign investment to the country.
"This is part of SABIC's commitment to localizing knowledge, technology and industry, maximizing local content and attracting foreign investment, under its role to enabling Saudi Vision 2030," said SABIC's CEO Yousef Al-Benyan.
In addition, SABIC will be partially committed to provide raw materials within its agreement with China’s Pan Asia, which will invest SAR 4 billion in Jazan Industrial City.
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