The Royal Commission for Jubail and Yanbu has invested more than $240bn (SR900bn) in the development of its two industrial cities since it was formed in 1975, according to its chairman Prince Saud bin Abdullah bin Thunayan.
In a speech marking the Kingdom’s National Day yesterday that was published by the official Saudi Press Agency, Prince Saud said the investment had seen more than 600 plants created to produce 92 primary products.
“With this expansion, the number of residents of the cities of Jubail and Yanbu grew to 300,000 people,” he said.
The two cities are now also responsible for up to 12% of the Kingdom’s total GDP, and almost two-thirds (65%) of its industrial output. Around 85% of the products produced in the cities is also exported, he added.
In an interview set to run in a forthcoming edition of Construction Week, the Royal Commission’s CEO Dr Mosleh Hamed Al-Otaibi said the level of private sector investment in Jubail Industrial City II, which was only established in 2006, has reached more than $111bn.