09/10/2013
During the "fifth industrialists Forum" on Nov. 12
Eastern Chamber witnesses highlight investment opportunities in petrochemicals and metals
The Chamber organizing Tuesday 12 November 2013 fifth edition of ' industrial ' Forum being held this year under the title (the investment opportunities in manufacturing metal and petrochemical sectors), with the participation of a number of experts and specialists in the industrial sector from within and outside the region with broad participation and effective of Saudi basic industries Corporation (SABIC). The Chairman of the Chamber Abdul Rahman bin Rashed, who explained that the Forum held once every two years will put a list of investment opportunities in the manufacturing sector (metals and petrochemicals), will be presented to participants in the Forum by some stakeholders, professionals and representatives of companies involved in these activities,
AlRashid said that the Forum, which is held in the main Chamber in Dammam is looking to open more investment prospects and attract more capital to launch a number of additional projects in strategic sectors, which are currently the most important areas of national industry, based in the eastern region Center, specifically in cities (Jubail, RA), which contained a large number of major industrial complexes in the world stressing that the choice of these two sectors to address workload due to the importance of public-private and private comparative advantages, availability of raw materials and are often products from my company Saudi Aramco, SABIC, which can increase the number of locally produced goods and based on local raw materials.
AlRashid said that the Chamber has been represented by the industry Committee on his support and development of the industrial sector, and looking through the Centre of the important themes related to the industrial sector, is part of efforts by the Chamber in coordination with stakeholders to develop the industrial sector, believing in the importance of industry as a strategic option for the future, guarantee of serious and sound mechanism for achieving the goals of sustainable development, aimed at achieving greater economic growth and development. Confirming the trend for industrial investment in these areas will add value to the national economy through diversification of sources of income, and create new projects, new products and commodities, contributing to its role in providing meaningful employment opportunities for national competencies, growing day by day, as well as providing work for small and medium-sized enterprises.
And the Chairman of the Chamber that the importance of this forum comes from the importance of the eastern region as the ' capital of the industry of the Gulf ', its geographic location has enormous natural wealth, and gives room for access to the outside world, as well as local markets and make the region able to work for many mineral and petrochemical projects, the evolution in this area are successful steps in a long road of industrial investments, the region is still ripe for further investments in Various industrial fields, as well as supporting other economic activities, which give birth to other opportunities. The Board member in Chamber Salman bin Mohammed Al-Jishi, Said that the Forum would give a big opportunity for many investment opportunities that we need to go, and to convert them to projects with high profitability, which the national economy further growth and development, and opens new doors to local investors, especially with small and medium-sized enterprises.
He added that the industry is a strategic choice to confront challenges, and it launched several economic sectors, which are good for the children, and referred to the Eastern Al-Jishi said they are witnessing successive industrial developments is the launch of the third industrial city, Ras Al Jubail Industrial 3 in addition to other industrial cities in Dammam and Khobar, Al-Ahsa, enhance the comparative advantage of the region, a region more attractive to foreign and domestic investment, not only in the Kingdom, but at the level of the Arabian Gulf, it is ' the capital of the Gulf ' in every industry.
He said Al-Jishi, the eastern region despite all achievements on Earth and we are seeing results in the industrial sector ,the opportunities still available, open areas, and opportunities than that counts, especially in the areas of mineral and petrochemical which is the title of this forum, and the industrial sector is the most attractive and the sustainability of the national workforce, the lush growth and development, and no development without industry, therefore the Forum step among steps to support the industry, which is surely a world full of accomplishments. Al-Jishi, praised the efforts of his Excellency the Minister of industry and trade, Dr. tawfig alrabiah to develop the industrial sector, and we hope that these efforts will be crowned with greater developmental services and procedures in industrial cities as reflected in industrial projects.
The industrial base in the Kingdom saw expanded greatly during the past four decades, the number of factories jumped from 198 in 1974 to 6519 plants in 2012, raised capital of 12 billion riyals in 1974 to about 840 billion riyals in 2012. In particular, the number of factories in the Kingdom during the past five years, 31, thanks to the support and facilities provided by the Government to investors, and particularly investment jumped in the minerals sector has increased the number of factories with over 53 during the last five years and with investments estimated at 85 billion, and the number of sector employment exceeds 800 thousand in the year 2012, the increase in employment in the private sector over the last five years by more than 52. East region top ranked areas in industrial investment had reached 425 billion due to the presence of most petrochemical industries and mining.
