The Royal Commission for Yanbu (RCY) announced that it was building a major refinery on the Red Sea at a cost of US$5.33 billion, adding that it would be ready within three years.
Third largest refinery
"It will be the third largest refinery on the west coast of Saudi Arabia," said Alaa Abdullah Naseef, CEO of RCY.
He said RCY was also going ahead with a variety of new industrial projects. He emphasized the importance of the industrial sector in boosting the Kingdom's development.
Petroleum products
"The refinery will produce petroleum products that will be used for petrochemical industries," Naseef said. There are plants in the Yanbu Industrial City to produce solar cells, plastic materials used for cars, in addition to building materials.
He estimated total spending on Yanbu residential and infrastructure projects last year of about US$7.99 billion. "Total investments in the industrial city have reached US$31.99 billion," he added.
Young Saudis employed
Naseef pointed out that about 15,000 young Saudis are working at various industries in the city. "We have recruited 1,000 young Saudis to train and employ them at different industrial plants."
