Second industrial city for Saudi Arabia

Launching a series of multi-billion-dollar ventures, Saudi Crown Prince Abd Allah bin Abd al-Aziz has laid the cornerstone for a new industrial city on the Red Sea coast.

    Yanbu Two will not be like its twin city until 2019

    Official media said on Tuesday that the new city, to be called Yanbu Two, is the twin of the existing Yanbu industrial city and will cover an area of 66sqkm.
      
    Prince Saud bin Abd Allah bin Thanayan, chairman of the government's Royal Commission of Jubail and Yanbu, said $3.2 billion would be spent on infrastructure for the new centre.

    Thanayan added that the investment in basic, secondary and light industries would pay off when the city is completed in 2019. "[It] is expected to attract investments worth $30.6 billion", he told the state SPA news agency.
      
    Windfall investments

    Oil-rich Saudi Arabia has earned huge windfall revenues on the back of record highs on world oil markets.

    It has since announced a series of mega-projects worth tens of billions of dollars, including three massive refinery modernisations worth nearly $17 billion.
      
    Prince Abd Allah also inaugurated a host of projects handled by the Royal Commission, petrochemical giant Saudi Basic Industries Corp (SABIC) and other companies.
      
    Bin Thanayan, who also heads SABIC, said these projects were worth more than $13.3 billion.
      
    Abd Allah has been running Saudi Arabia's day-to-day affairs since King Fahd suffered a stroke a decade ago. The ailing monarch has been in a Riyadh hospital since 27 May. 

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.