The second edition of the Future Investment Initiative, launched yesterday in Riyadh, Saudi Arabia, and will continue to the 25th of October, witnessed the signing of several economic partnership agreements and memorandums of understanding, with a number of countries, institutions, and companies. The number of these agreements and memorandums reached 25 agreements and memorandums of understanding, total value increased over 55 billion dollars, as part of the National Industrial Development and Logistics Program, which will be officially launched before the end of this year.
The Ministry of Energy, Industry and Mineral Resources signed an investment agreement to establish a petrochemical complex in Jazan with China's Pan Asia Company. It also signed a memorandum of understanding to establish a copper, zinc and lead smelter in Ras Al Khair City and a memorandum of understanding for joint investment in the Kingdom and China with China's Nornco Company.
As for logistics projects, the Public Transport Authority signed a memorandum of understanding with China's CCECC to implement the land bridge project linking the coasts of the western kingdom with its eastern coasts passing through the railway between Riyadh and Dammam.
For manufacturing industries, the ministry signed a framework agreement to invest in two manufacturing plants in the industrial city of Jubail with the company Velcijn. A framework investment agreement was also signed for the establishment of a sustainable central service facility in the complex of chemical and transfer industries (Plaskim) in Jubail with French company Veolia. The agreement provides long-term solutions for the management of utility facilities.
While Saudi Aramco signed a number of agreements and memorandums of understanding with a group of international partners, SABIC and Germany's Schmidt also signed a memorandum of understanding to establish a partnership to develop an industrial project to produce ultra-pure silicon.
Source: (Al-Arabiya.net, edited)
