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Ras Al-Khair Special Economic Zone Announces Launch of Private City
Khaled Al-Salem, chairman of the Royal Commission for Jubail and Yanbu, announced the launch of a new private city within the Ras Al-Khair Special Economic Zone. This new city is expected to provide thousands of jobs and attract significant local and foreign investment.
The Focus of the Special Economic Zone
The Ras Al-Khair Special Economic Zone has a primary focus on the construction of ships and offshore drilling platforms for oil wells, as well as their maintenance. These activities are expected to lead to significant economic growth and job creation in the region.
Job Creation and Investment Expectations
Khaled Al-Salem expects the new private city to provide approximately 90,000 new jobs, with a total investment of 100 billion riyals. This investment is expected to come from both domestic and foreign sources, with an anticipated foreign direct investment of around 12 billion riyals.
Baw Steel Agreement
An agreement has already been signed between the Royal Commission and Baw Steel, in partnership with Aramco, for the production of iron sheets used in the shipbuilding industry. This is just one example of the types of partnerships being formed within the special economic zone.
The Existing City of Ras Al-Khair
Khaled Al-Salem explains that Ras Al-Khair is an existing city with operational factories and others still under construction. The launch of the new private city will build on the foundation of this already-established economic center.
Future Outlook for the Special Economic Zone
Khaled Al-Salem points out that agreements have already been made with companies that account for half of the Ras Al-Khair Special Economic Zone. This indicates a promising future for the region and its economic growth.