The planned Industrial Energy City project, to be developed in Saudi Arabia's Eastern Region, will provide thousands of direct and indirect jobs and contribute SR22.5 billion ($6 billion) to the nation's economy, said Engineer Khalid bin Abdulaziz Al-Falih, Minister of Energy, Industry and Mineral Resources.
Al-Falih, who is also the chairman of Saudi Aramco and of Saudi Industrial Property Authority (Modon), thanked King Salman bin Abdulaziz Al Saud for his directive to establish the Industrial Energy City, said a Saudi Press Agency report.
He said the project aims at localising industries supporting the energy sector and cover industries related to oil exploration, production and refining, petrochemicals, conventional electric power, water production and treatment.
He pointed out that 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.
The localisation of new industrial and service facilities that help to innovate, develop and compete globally, he said.
Saudi Aramco president and chief executive officer Amin Hassan Al-Nasser said: "The new Industrial Energy City in the Eastern Region will be a strategic project and a milestone in the efforts of localisation of energy-related industries and services and it will be an ideal and integrated environment for attracting international companies' investments, establishing and developing a large number of small and medium 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 workers and opportunities that will be available there."