The Saudi cabinet approves a joint venture by Sabic, Aramco and the Public Investment Fund

24/03/2014 Argaam

The Saudi cabinet approved today a SAR 2 billion joint venture between Saudi Basic Industries Corp, (Sabic), Saudi Arabian Oil Co (Saudi Aramco) and the Saudi Public Investment Fund to invest in downstream industries in order to diversify the economy. 

 

The joint venture, Saudi Arabia Industrial Investments Co., will invest in petrochemicals, fertilizers, plastics, steel, aluminum and other manufacturing industries. The company will also market and sell its products inside and outside the kingdom. 

 

The cabinet, headed by Crown Prince Salman bin AbdulAziz, also approved new regulations that organize the administration of medical complexes and specialized public hospitals.

 

The regulations aim at providing the best specialized medical service and appointing national and foreign medical experts in these medical complexes. Also a program to train Saudi doctors will be adopted.

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