ALSO READSaudi Arabia's demands 'infringe upon our sovereignty': Qatar TN wants bodies of fishermen from Saudi Arabia Saudi Arabia King was first leader to contact me after coup attempt: Turkey President Erdogan Saudi Arabia warns destructive computer virus has returned Trump receives regal welcome in Saudi Arabia
Khalid bin Abdulaziz Al-Faleh, Minister of Energy, Industry and Mineral Resources said that the project will localise industries supporting the energy sector related to oil exploration, production and refining, petrochemicals, conventional electric power, water production and treatment.
According to Xinhua, 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.
Faleh added that, in terms of national economic impact, this grand project will create thousands of jobs, contribute $6 billion to the economy per year, and localise new industrial and service facilities that help to innovate, develop and compete globally.
Amin Hassan Al-Nasser, president and CEO of Saudi Aramco, hailed the new city as "a strategic project and a milestone" in localising energy-related industries and services, attracting foreign investment, creating a number of 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 laborers and opportunities that will be available there," Nasser said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)