News Karnataka

Industrial Energy City to spur economic growth in Saudi Arabia

Industrial Energy City to spur economic growth in Saudi Arabia

Jul 17, 2017 08:52:38 AM (IST)
Industrial Energy City to spur economic growth in Saudi Arabia

Riyadh: Saudi Arabia aims to boost its economic growth and create more jobs through a grand project to build the Industrial Energy City in the Eastern Region, a government official said on Sunday.

Khalid bin Abdulaziz Al-Faleh, Minister of Energy, Industry and Mineral Resources said that the project will localise industries supporting the energy sector related to oil exploration, production and refining, petrochemicals, conventional electric power, water production and treatment.

According to Xinhua, the decision to establish a new industrial city for energy is in line with the Kingdom's vision 2030 and supports the vital infrastructure of the supply chain in the Kingdom.

Faleh added that, in terms of national economic impact, this grand project will create thousands of jobs, contribute $6 billion to the economy per year, and localise new industrial and service facilities that help to innovate, develop and compete globally.

Amin Hassan Al-Nasser, president and CEO of Saudi Aramco, hailed the new city as "a strategic project and a milestone" in localising energy-related industries and services, attracting foreign investment, creating a number of companies, and stimulating innovation and entrepreneurship."

"This invites us to encourage our partners across the supply chain in the Kingdom and the world to take advantage of trained local laborers and opportunities that will be available there," Nasser said.