Royal Commission for Jubail and Yanbu (RCJY) CEO Alaa bin Abdullah Nassif has said that one of the plans of the commission was to promote the concept of dependence on manufacturing and turn it to a reality.
“This type of industries will open extended work prospects for Saudi youth once they are trained and qualified in the field. It will also attract international investment into the Kingdom, leading to further participation from RCJY part in the gross domestic product (GDP) of the country,” Nassif added.
He stated that RCJY’s share to the GDP stands at 12 percent. “We are working on raising this proportion in line with the commission’s vision to be the main contributor to the growth of Saudi Arabia,” he added.
Nassif explained that the value of the current investment volumes in Yanbu Industrial City exceed SR150 billion and the number of basic, medium and light industries stands at 175.
The Third Manufacturing Industries Forum and Exhibition which RCJY will organize in Yanbu Industrial City in March will discuss a number of subjects, mainly the future of local and international manufacturing industries,” he said, adding: “It will also focus on the investment opportunities in the Kingdom.”
The forum will also discuss the strategic plans that RCJY set out to develop the manufacturing sector depending on the investments feasibility by referring to the practical role of petrochemicals and raw materials in supporting manufacturing industries.
Among the themes to be discussed at the forum are models of industrial integration and interdependence between basic and manufacturing industries.
“It will also highlight the importance of manufacturing industries, including petrochemicals, chemicals, and mining,” he said, adding that these industries are promising investment and job opportunities for citizens.
The forum is expected to launch new initiatives that will create investment opportunities for small and medium industries.
The CEO of RCJY said the outputs of the forum will constitute the gateway to launch several investment opportunities in the Kingdom. He expected the number of participating firms in the forum to increase this year as a result of the extensive efforts the commission makes in collaboration with the organizing company, which has already started marketing campaigns for the forum, locally and internationally.
“RCJY will showcase its experience in supporting manufacturing industries, and the strategic plans to develop this vital sector depending on investment feasibility studies,” he added.