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FINANCIAL NEWS
Saudi RCYJ, South Korea sign deal for new facility
15 Jan 2015
(MENAFN) The Saudi Royal Commission for Jubail and Yanbu announced that it has signed an agreement with the South Korean company Doosan Heavy Industries for the allocation of a plot of land which the company is planning to build a plant for the manufacture of equipment and spare parts for the desalination industry including electric generators, turbines and boilers, Arab News reported.
RCYJ said that the agreement would help meet the needs of desalination industries in the Kingdom with this new plant as well as help the company in its plan of expansion its activities in the Gulf region and Middle East.
The commission said that the operation of the plant is expected to start at the end of 2016, with the capital spent on it estimated to reach USD11.71 million and it will supply 54 percent of its products to the domestic market and 46 percent to markets abroad.
“Thanks to the unlimited support from the government of Custodian of the Two Holy Mosques King Abdullah, the Yanbu Industrial City has become a hub for important industries with investments exceeding SR8.4 billion. The industrial city’s world class competitive advantages and services have ensured that it has become a destination for domestic and foreign investments,” Executive President of The Royal Commission said.
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