2000 News Story

Jubail and Yanbu Commission expects high investment

The Royal Commission for Jubail and Yanbu has announced that it expects as much as SR 44 billion [U.S. $ 11.73 billion] in investments in the two major industrial cities by the year 2004, meanwhile maintaining a high level of performance. Over the years, a total of SR 72 billion [U.S. $ 19.2 billion] has been spent on infrastructure and services at the two sites. The total investment from the private sector has been over SR 136 billion [U.S. $ 36.27 billion], two thirds of this amount in Jubail and one third in Yanbu. The Royal Commission is making efforts to diversify as well as reduce dependence on government support. In the field of basic services, the new stock company 'Manafea' is ready to undertake the provision of utilities at both industrial cities. Its capital is equally distributed among the Commission itself, the General Investment Fund, Saudi Aramco, and the Saudi Basic Industries Corporation (SABIC).