SR2bn company to develop Saudi downstream industries

The Council of Ministers, chaired by Crown Prince Salman, deputy premier and minister of defense, on Monday decided to establish a company with capital of SR2 billion to develop the country's downstream industries.
This includes the manufacture of petrochemicals, plastics, fertilizers and other products derived from crude oil.
The new joint stock company will be named the Saudi Arabian Company for Industrial Investment. The Public Investment Fund, Saudi Aramco and the Saudi Basic Industries Corporation will hold shares in the company.
Spelling out the firm’s objectives, Culture and Information Minister Abdul Aziz Khoja said it would carry out downstream activities, and invest in strategic economic sectors.
The establishment of manufacturing plants would include industries based on iron, steel and aluminum, Khoja said.
The Cabinet also passed a law regulating the activities of medical cities and specialized hospitals under the Health Ministry. This includes the formation of boards of directors to run these facilities more effectively with local and international staff.

The Cabinet praised Custodian of the Two Holy Mosques King Abdullah for his statement at the Second Conference of Ministers of Youth and Sports in Islamic countries last week in Jeddah, which supports academic and sports development for young people.
The Cabinet also discussed a report of the Independent International Fact-Finding Committee on Syria, which has expressed deep concern at the continued suffering of Syrian refugees, especially women and children. The Cabinet said perpetrators of war crimes in Syria should be brought to justice.
On the recent Arab-Hungarian Economic Forum inaugurated by Prince Muqrin, second deputy premier, the Cabinet highlighted existing economic opportunities and government’s incentives for investors.
The Cabinet authorized the Minister of Finance Ibrahim Al-Assaf to sign a draft agreement with Venezuela and Kosovo on the avoidance of double taxation and prevention of tax evasion.
It endorsed the Electricity and Cogeneration Regulatory Commission’s clearance agreement with the Saudi Electricity Company on May 22, 2011.
The Cabinet appointed Saeed bin Eid Al-Eid cultural attaché at the Ministry of Higher Education; Abdullah bin Faleh Al-Arjani minister plenipotentiary; Hassan bin Yusuf Al-Rashed minister plenipotentiary at the Ministry of Foreign Affairs; and Mohammed bin Othman Al-Thabit director general of the Civil Affairs branch of the Interior Ministry in Makkah.
It further appointed Mohammed bin Mustafa Numan assistant undersecretary at the Madinah Governorate; Sami bin Mohammed Al-Hamoud undersecretary for planning and development at the Ministry of Labor; and Abdullah bin Ahmed Al-Abdulkarim Civil Service adviser at the Ministry of Civil Service.