The Council of Ministers, which was chaired by Crown Prince Salman Bin Abdulaziz, Deputy Premier and Minister of Defense, on Monday approved the creation of a new company to invest in manufacturing industries. The new Saudi Arabian Company for Industrial Investment will have capital of SR2 billion ($533 million).
It will focus on conversion industries that rely on petrochemicals, plastics, fertilisers, steel, aluminium and basic industries (and) that achieve economic diversification.
The decision fits in with government efforts to develop a broad downstream industrial base, alongside the creation of industrial zones that take advantage of the Kingdom’s low energy costs and readily available raw materials.
The new company is a joint venture between the Public Investment Fund, Saudi Aramco and Saudi Basic Industries Corp (SABIC).
Source: Saudi Gazette, Riyadh