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King Announces Jubail II Industrial City Plans

Source: www.gulfoilandgas.com 6/14/2006, Location: Middle East

The Custodian of the Two Holy Mosques King 'Abd Allah ibn 'Abd al-'Aziz visited the Eastern Province this week and kept a busy schedule that included the launching of more than $75 billion in industrial and infrastructure projects related to Jubail II Industrial City. He also met with His Majesty King Hamad ibn Isa Al-Khalifa of Bahrain, and provincial, business and industrial leaders.

In an address in al-Khobar, he spoke of Saudi Aramco's Dammam Well No. 7, noting its name, The Prosperity Well. "The whole Eastern Region deserves to be called the Prosperity Region, since it holds the treasures of the earth. Industrial development began here, and enterprises have been built of which every citizen should be proud," he said, mentioning Saudi Aramco, SABIC and the Jubail Royal Commission.

"It gives me great pleasure to join my fellow citizens in expressing our warmest welcome to the Custodian of the Two Holy Mosques," said Saudi Aramco president and CEO Abdallah S. Jum'ah. "On behalf of all the employees of Saudi Aramco, it is my honor to convey to the Custodian of the Two Holy Mosques our loyalty and commitment."

People got some idea of the scope of those plans during an inauguration session for Jubail II Industrial City, which is expected to create more than 50,000 jobs for Saudis in the coming years.

In addition to launching more than $20 billion in Royal Commission projects related to the new Industrial City, more than $55 billion in private-sector projects also were launched, with many relating to the Kingdom's growing petrochemical industry. According to Arab News, the private-sector projects included plants for the Saudi International Petrochemical Co. (Sipchem), National Industrial Gas Co., Eastern Petrochemical Co., Saudi Iron and Steel Co., Saudi Arabian Fertilizer Co., National Industrialization Co., Khaleej Chemical Industries and the Farabi Petrochemical Co.

The Custodian of the Two Holy Mosques renewed his pledge that the Kingdom will continually bring about prosperity for its citizens, brothers, friends and all people. He thanked God for the blessings the Almighty has bestowed on the people of Saudi Arabia.

Appropriately, the Custodian of the Two Holy Mosques used the opportunity to inaugurate the Amir Mohammad ibn Fahd ibn 'Abd al-'Aziz Program, which will help give young Saudis the job skills and training they need for successful careers. The Custodian of the Two Holy Mosques also launched the Saudi Youth Club, which is intended to become a positive force in the Kingdom's social progress.

King Hamad expressed his pride in the role being played by the Kingdom under the leadership of 'Abd Allah and the Crown Prince in the service of important Gulf Cooperation Council (GCC) issues and its stands on Arab and Islamic causes.

The meeting was attended by the Crown Prince, HRH Amir Sultan ibn 'Abd al-'Aziz, Deputy Premier, Minister of Defense and Aviation and Inspector General, a number of amirs and King Hamad's delegation.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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