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FINANCIAL NEWS
Aramco considers building new industrial city in Ahsa
24 Aug 2015
(MENAFN) State oil giant Saudi Aramco is considering whether to build a new industrial city in the south of the al-Ahsa district in Saudi Arabia’s Eastern Province, as authorities seek to expand the kingdom’s industrial base.
International engineering companies have already bid for engineering work, the sources added, declining to give details for commercial reasons. Saudi Aramco declined to comment.
Industry source said the new city would be built around energy-related industries, such as support services for power generation and transmission. Renewable energy such as solar may be included.
Once completed, the planned project will suggest that despite the plunge of oil prices since last year, which has slashed the revenues of Aramco and the Saudi government.
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