Saudi Arabian Company for Industrial Investment to invest SAR 7.5 billion in new projects in 5 years

Saudi Arabian Company for Industrial Investment., a recently formed joint stock company, will use the its planned SAR 7.5 billion capital to invest in downstream industries within five years, Saudi Finance Minister Dr. Ibrahim Al-Assaf told local news agency.

The Saudi cabinet recently approved the establishment of the Company with a capital of two billion riyals. Half of capital will be contributed by the Saudi Public Investment Fund, while Aramco and Sabic will contribute 25 percent each, Al-Assaf told the Saudi Press Agency.

The company plans to build 20 new projects in five years, thereby investing around SAR 7.45 billion, plus around SAR 5.6 billion, the cost of infrastructure utilities contributed by the government, according to Abdulrahman bin Mohamed Al Mufdi, Secretary General of the Public Investment Fund.

Al-Mufdi said the company’s investment platform includes the launch of key downstream industries, and that the company will not enter into competition with the private sector, especially strategic sectors such as navigation, electricity and water equipment, oil and gas equipment and automotive industries.