(United Arab Emirates)
Petrochemical hubs of Jubail and Yanbu in the United Arab Emirates are seeking investment of more than 300 billion riyal (approx US$ 80 billion) from national and international investors.
The upcoming projects are open for foreign investments worth US$ 50 billion in Jubail Industrial City and US$ 25 billion in Yanbu Industrial City, said Dr. Alaa A Nassif, CEO of Royal Commission at Yanbu, according to Zawya report.
Speaking on the sidelines of the Annual Investors Meeting of the Royal Commission for Jubail and Yanbu (RCJY), Dr. Nassif said the two industrial cities offer a large number of investment opportunities in the petrochemical sector of Saudi Arabia.
He added that the petrochemical hub of Yanbu has major scope for investors. So far, the industrial developers have invested over US$ 10 billion in Yanbu region.
The Jubail Industrial City has the world’s fourth largest petrochemical company. A refinery is being built in the region, which will have a capacity to process over 1 million tons of petrochemicals, including paraxylene, polymer-grade propylene and benzene, annually.
The UAE has an overall petrochemical production capacity of 6.1 million tons, which is 4.8 percent of the Middle East region’s total capacity.
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