China to build a SAR 375 mln ceramics plant in Yanbu

Saudi Arabia’s Royal Commission for Jubail and Yanbu (RCJY) has inked an agreement with a Chinese firm to build a ceramics factory at a total cost of SAR 375 million, chairman, Abdullah Al-Saadan said on the sidelines of the Saudi-Chinese Investment Forum, held yesterday in Riyadh.

The RCJY also signed a memorandum of understanding with another Chinese firm to discuss investment opportunities in the renewable energy industry, Al-Saadan added.

Al-Saadan also spoke of the establishment of the Saudi Silk Road Industrial Services Co.  in the Jazan City for Basic and Transformation Industries, as a joint venture between RCJY, Saudi Arabian Oil Co. (Saudi Aramco) and a Chinese firm to lure the industrial investments.

“Jazan City attracted around $23 billion in investments,”, said Alaa Nassif, the RCJY chief executive officer.

The Saudi-Chinese Investment Forum discussed the promotion of joint investment opportunities, in line with the Saudi Vision 2030.

The forum includes senior executives from major Saudi and Chinese companies representing industries of common interest for both countries, in the presence of senior officials.