Saudi Crown Prince Abdullah on Tuesday laid the cornerstone for a new industrial city on the Red Sea coast and officially launched a series of multi-billion-dollar ventures.
The new city, called "Yanbu 2," is the twin of the existing Yanbu industrial city and will cover an area of 66 square kilometres, Royal Commission of Jubail and Yanbu chairman Prince Saud bin Abdullah bin Thanayan has said.
"The Commission will spend SR12 billion (US$3.2 billion) on infrastructure for Yanbu 2, which is expected to attract investments worth 115bn riyals," Prince Saud said. That will eventually take the total value of investments in the Yanbu industrial area to more than SR200 billion, he added.
Yanbu 2, which will host basic, secondary and light industries, is scheduled to be completed by 2019.
