The Saudi Arabian General Investment Authority (SAGIA) on Thursday announced a raft of new petrochemical investments worth more than $2 billion (SR7.5 billion). At least 80 representatives of more than 13 government and private-sector entities from the Kingdom and throughout the world met at the Invest Saudi gathering in Riyadh to sign the agreements.
SAGIA and global leader in the manufacturing of polyacrylamides, SNF, agreed to look into the establishment of a polyacrylamide plant with a capacity of 50,000 tons per annum, in the Eastern Province city of Jubail, offering the prospect of creating 80 new jobs.
MoUs were also penned between the Saudi government agency and Japanese firm Mitsui & Co., and global energy and petrochemicals group, Shell, relatively, both aimed at establishing deeper cooperation relations in energy and petrochemical projects.
Speaking at the meeting, SAGIA Gov. Ibrahim Al-Omar, said: “Our country is undergoing a significant economic transformation. The petrochemicals sector provides exciting opportunities for international investors as we look to draw on the expertise and experience of the private sector in transforming the industry.
沙特投资总局主管Ibrahim Al-Omar在会上说: “我们的国家正在经历一场重大的经济转型。石油化工部门为国际投资者提供了令人兴奋的机会，因为我们希望利用私营部门的专业知识和经验来改造这个行业。”
“This meeting and the MoUs that have been exchanged, reflect our increasing focus on promoting opportunities and facilitating international partnerships to drive the growth of this strategic sector.
“We are very pleased to welcome these industry giants to Saudi Arabia as we build the future of the petrochemicals sector in the Kingdom. We look to have meaningful opportunities to build strong relationships with local and international participants” he added.x
According to Invest Saudi’s Fall 2019 Investment Highlights report, more than 250 overseas businesses had been granted investor licenses by the third quarter of this year, marking a 30 percent increase on the same period for 2018, said SAGIA.
A total of 809 new foreign companies had established operations in the Kingdom, 67 percent of which were for fully foreign ownership investments. This represented the highest number of foreign investor licenses issued by SAGIA since 2010. Alongside a broad series of economic reforms, the investments are enabling rapid growth in foreign investment in Saudi Arabia.
According to the 2019 Global Competitiveness Report published by the World Economic Forum, Saudi Arabia had moved up three positions to 36th as a result of efforts to diversify the Kingdom’s economy. Earlier this month, the country climbed 30 places to 62nd in the World Bank’s Doing Business 2020 report, becoming the most improved economy globally.
根据世界经济论坛(World Economic Forum)发布的《2019年全球竞争力报告》，由于沙特努力实现经济多元化，该国的排名上升了3位，至第36位。本月早些时候，在世界银行(World Bank)发布的《营商环境报告2020》(Doing Business 2020)中，沙特的排名上升了30位，至第62位，成为全球增长最快的经济体。
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