Total investments in the new industrial city of Ras Al-Khair, near Jubail, have exceeded SR 5 billion ($1.33 billion), said Prince Saud bin Abdullah bin Thunayan, president of the Royal Commission.
He emphasized the role of the twin industrial cities of Jubail and Yanbu as well as other industrial cities and projects in boosting the Kingdom's economy and improving the quality of life for Saudi people.
Speaking to reporters after signing three contracts worth SR 966.6 million, Prince Saud disclosed plans to implement more industrial projects in Ras Al-Khair.
"The Saudi government has given top priority for the development and welfare of its people," Prince Saud said. Saudis now play an important role in the development process, including research and technology.
Prince Saud said the Kingdom's five-year development plans have focused on developing the private sector, adding that Saudi companies have proved their capability, competing with their international counterparts.
"Saudi companies have become good competitors in the Gulf," the RC chief said. "Most of them get contracts as a result of their vast experience in carrying out vital projects. The state has been spending a lot, waiting for indirect returns," he said, adding that it helped in strengthening the private sector.
Two contracts were signed with Saudi Services for Electro Mechanic Works and Babtain Contracting Company to establish two electricity power plants in Ras Al-Khair Industrial City and design energy and communication systems for Jubail-11. The two power plants will supply 1500MW each to the two industrial cities. The project will be completed after 38 months.
The third contract was signed with Ali Khudair Al-Harbi and Ahmed Omar Radi Engineering Consultancy and its associates Engineering International Ltd. to provide energy and communications systems for Jubail-II, including its residential districts. This contract, which lasts for five years, includes designing and engineering works for electricity and communication facilities for King Fahd Industrial Port and Jubail Commercial Port.