Saudi Arabia aims to boost its economic growth and create more jobs through a grand project to build the Industrial Energy City in the Eastern Region, a government official said Sunday.
Khalid bin Abdulaziz Al-Faleh, minister of energy, industry and mineral resources, told reporters that the project will localize industries supporting the energy sector related to oil exploration, production and refining, petrochemicals, conventional electric power, water production and treatment.
The decision to establish a new industrial city for energy is in line with the Kingdom's vision 2030 and supports the vital infrastructure of the supply chain in the Kingdom, said Faleh, who is also chairman of the Board of Directors of Saudi Aramco.
He added that, in terms of national economic impact, this grand project will create thousands of jobs, contribute 6 billion U.S. dollars to the economy per year, and localize new industrial and service facilities that help to innovate, develop and compete globally.
Amin Hassan Al-Nasser, president and CEO of Saudi Aramco, hailed the new city as "a strategic project and a milestone" in localizing energy-related industries and services, attracting foreign investment, creating a number of companies, and stimulating innovation and entrepreneurship."
"This invites us to encourage our partners across the supply chain in the Kingdom and the world to take advantage of trained local laborers and opportunities that will be available there,'' Nasser said.