RIYADH: Saudi Arabia’s Royal Commission for Jubail and Yanbu has signed SR7.5 billion ($1.9 billion) worth of investment agreements with the chemical company INEOS Europe to build two factories in Jubail Industrial city.
With a value of SR3.75 billion, the first agreement will establish a factory for the production of alpha-olefin and hydrocarbon derivatives, with a total area of 180,019 square meters in the Plascim area in Jubail Industrial city, according to the Saudi Press Agency.
The second contract, which is valued at SR3.75 billion, is to create a factory for the production of acrylonitrile, acetonitrile and hydrogen and sodium cyanide with an area of 334,224 square meters in the Plascim area.
The contracts come as part of Saudi Arabia’s industrial strategy to attract value-added manufacturing industries in order to raise the percentage of local content in these industries.
