Tuesday, October 23, 2018

The Saudi Future Investment Initiative projects exceed $ 50 billion

Reuters quoted and "alarabiya" source familiar with Saudi Arabia plans to sign agreements with more than $ 50 billion in the oil and gas industries and infrastructure sectors over the future of the investment conference, which was launched in Riyadh on Tuesday morning initiative.

The second edition of the Future Investment Initiative, which will run from 14 to 16 February, will be held in Riyadh from October 23 to 25.

The meetings of the initiative witnessed the signing of several economic partnership agreements and memorandums of understanding with a number of countries, institutions and companies. The number of these agreements and memoranda reached 25 agreements and memorandums of understanding which increased their total value to 200 billion riyals by more than 50 billion dollars, National Industrial Development and Logistics Program, "which will be officially launched before the end of this year.
Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdul Aziz Al-Falih announced today the initial launch of the National Industrial Development and Logistics Program. The program is one of the most important programs to achieve the vision of the Kingdom 2030. It carries out more than 300 initiatives, The military, military, medical, aquaculture and fish industries. The aim of the program is to transform the Kingdom into a leading industrial power and a global logistics platform by focusing on four sectors Lighters vital (industry, mining, energy, and logistics services), where the program aims to contribute to the GDP trillion and two hundred billion Saudi riyals, providing 1.6 million jobs, in addition to attracting with attractive returns investments expected estimated trillion and 600 billion Saudi riyals by 2030.

The initiative also witnessed the signing of a number of mega agreements signed by the Ministry of Energy, Industry and Mineral Resources, including an agreement to invest in the construction of a petrochemical complex in Jazan with the Chinese company Pan Asia. The project aims to produce 1.25 million tons of PTA (purified trifethylic acid) Thousand tons of PET material "Polyethylene", where the project will export 60-70% of its production, which constitutes a positive contribution to the GDP.

A memorandum of understanding was signed to establish a copper, zinc and lead smelter in Ras Al Khair, in cooperation with Trafigura Singapore and the modern mining company. The project aims to produce 400,000 tons of copper, 200,000 tons of zinc, 55 thousand tons of lead and other minerals Which will be the first copper smelter in the GCC, and the project will support the growing demand for these minerals.

And a joint memorandum of understanding for joint investment in the Kingdom and China with China's Norenco. On the other hand, with respect to logistics projects, the Public Transport Authority (PTA) signed a memorandum of understanding with China's CCECC to implement the land bridge project linking the coasts of the Western Kingdom with its coasts Al-Sharqiyah through the existing Riyadh-Dammam railway. The investment in this mega project is expected to exceed $ 10.6 billion.

In addition to an agreement aimed at the manufacture of freight cars for railways in the Kingdom between the Saudi Railway Company (SAR) and the American Green Prairie, and the signing of another agreement by the Public Investment Fund and the General Corporation of Railways on the one hand and the Spanish Alliance on the other to start the second phase of the development of the project Al Haramain Fast Sector.

These agreements seek to enable the Kingdom to become a global logistics center by strengthening the public-private partnership, in addition to increasing the size of the logistics sector in Saudi Arabia to more than 70 billion riyals in 2020.

In terms of manufacturing, the ministry signed a framework agreement to invest in two manufacturing plants in Jubail Industrial City, with Falcene, to develop investment opportunities in the rubber industry; and to establish a chemical plant with Halliburton USA, to be built at the Plaskim complex in Jubail.

A framework investment agreement was also signed for the establishment of a sustainable central service facility in the complex of chemical and transfer industries in Jubail with French company Veolia. The agreement provides long-term solutions for the management of utility facilities.

Saudi Aramco signed a number of agreements and memorandums of understanding with a number of international partners, including an agreement for the Gasification Complex and electric power in Jazan, with Saudi Aqua Power, US aerospace company and a memorandum of understanding to invest in the development of the Petro Rabigh refinery between Aramco Saudi Arabia and Sumitomo Chemical Corporation, a memorandum of understanding for joint investment in the Hyundai refinery, the King Salman Marine Complex project, Hyundai Korea; and a joint investment agreement for the manufacture of drilling platforms and equipment in the Kingdom, A memorandum of understanding to invest in drilling equipment and facilities with Schlumberger, a memorandum of understanding for investment in oil field services, equipment and technology, a US-based Baker Hughes memorandum of understanding to invest in oilfield technologies and facilities with Halliburton, A memorandum of understanding for investment in a reinforced thermal plastic pipe facility with Flex Steel; a memorandum of understanding for investment in a drilling chemical facility with Qambro; and a memorandum Understanding to invest in non-metallic reinforcing materials, with New Zealand Beltron company.

SABIC signed a Memorandum of Understanding (MoU) with SABIC and the German company Schmidt to establish a partnership to develop an industrial project for the production of high purity silicon and its derivatives using the latest technologies used in the manufacture of semiconductors and advanced electronics. To produce highly efficient solar photovoltaic cells with the localization of locally used technologies.

And another memorandum of understanding with the same parties to establish a partnership to develop an industrial project for the production of batteries for large-scale energy storage applications with the localization of technology locally.

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