Saudi Industrial Development to establish 20 projects

27 Mar 2014

(MENAFN) Saudi Arabian Industrial Development Company, a newly established company, plans to invest as much as USD1.98 billion in 20 projects over five years, according to Arab News.

Finance Minister Ibrahim Al-Assaf said: “This company will have a tremendous impact on the Kingdom”s industrial sector, making it more competitive in world markets.”

Al-Assaf added: “The government will invest about SR5.6 billion on infrastructure required by these projects, including wharfs at ports.”

The company was licensed by the Council of Ministers with a USD533 million capital.

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