HYUNDAI Heavy Industries co. ltd

Six Saudi industrial projects get $5.6bn go ahead

Six industrial mega projects worth a total of $5.6bn have been approved for construction in Jubail by the Royal Commission for Jubail and Yanbu.

The deals were signed by Commission Chairman Prince Saud bin Abdullah Thunayyan, at Jubail Industrial City on Sunday, who said the projects are expected to generate huge employment opportunities for the region.

The largest deal is for the construction of a $3.2bn facility to produce ethylene propylene diene monomer, rubber and black carbon that are used in automobile industry. The deal was signed with the Al Jubail Petrochemical Company (Kemya), a joint venture between Saudi Basic Industries Corp. and Exxon Mobil Corp.

The new factory will cover 32.7 hectares and supply automotive markets globally.

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