Ministry of Industry says every riyal spent on RCJY by govt attracts SAR 8 from private sector

Logo of Ministry of Industry and Mineral Resources.

Saudi Arabia’s Ministry of Industry and Mineral Resources said that every Saudi riyal the government spends on the Royal Commission for Jubail and Yanbu (RCJY) attracts SAR 8 from the private sector.

“The RCJY lured SAR 1.2 trillion worth investments by end of 2020,” the ministry stated.

Investments in the industrial cities were divided between the private sector at 83%, or SAR 988.4 billion, and the RCJY at 17%, or SAR 203 billion.

“The RCJY managed to turn desert regions into world’s leading manufacturing hubs, which reflected positively on investments,” Minister of Industry, Bandar Alkhorayef, said on his official Twitter account.

These industrial cities became the center of investors’ attention, thanks to their competitive advantages in terms of quality of life, housing, as well as the infrastructure of the petrochemicals industry.