Riyadh – Mubasher: Saudi Arabian Oil Co, globally known as Saudi Aramco, has announced receiving government approval to establish two new companies that will be responsible for the development and operation of a new industrial city in Saudi Arabia.
Set to be built in the Kingdom’s Eastern province, the city, which comes in line with the Saudi Vision 2030, will be developed across 50 square km, Aramco, the largest oil company in the world, revealed in a statement published on its official website.
Khalid Al Falih, Aramco chairman and Saudi minister of energy, industry and mineral resources, highlighted that the new city will support the Kingdom’s infrastructure, provide thousands of direct and indirect jobs and will add around SAR 22.5 billion to the kingdom’s gross domestic product (GDP) annually.
Meanwhile, Aramco CEO Amin Al Nasser stated that the new city will create the perfect environment for attracting global companies’ investments and for establishing small and medium companies as well as boosting innovation and entrepreneurship.
It is expected that the project will support a number of strategic objectives, including supporting and increasing the kingdom’s energy supply, lowering the cost of operating services and products in the energy sector, among others, Aramco added.