Prince Saud bin Abdullah bin Thunayan, chairman of the Royal Commission for Jubail and Yanbu, highlighted the Kingdom's industrial progress and said: "We are currently witnessing an industrial boom."
Addressing a ceremony, which witnessed RC signing a number of agreements with major companies, he said total investment in Jubail and Ras Al-Khair reached more than SR 418 billion ($111.5 billion) in 365 projects.
Prince Saud praised Custodian of the Two Holy Mosques King Abdullah's support to the industrial cities of Jubail and Yanbu. King Abdullah laid the foundation for Jubail-2 industrial city in 2004.
The Royal Commission signed an agreement with Sadara to establish a SR 75 billion petrochemical complex, which will have 26 factories with total capacity of five million tons to produce 48 products.
According to another agreement, Saudi Arabian Railway will establish a 85-km rail link between Jubail and Ras Al-Khair to facilitate exports.
The ceremony was attended by Saudi Aramco's President and CEO Khalid Al-Falih, Vice President of SABIC Muhammad Al-Madhi and other senior officials.