Japan's investment in Jubail petchems tops $9bn
Country ranked as fifth largest foreign investor in Saudi Arabia
Japan's investment in petrochemicals in Jubail Industrial City, Saudi Arabia has reached $9.06bn, Arab News has reported a senior official as saying.
Speaking at the Saudi-Japanese Forum, Abdulaziz Attragi, general manager of strategic planning for the Royal Commission for Jubail, said: "We expect more investment cooperation forthcoming between the two sides, as our goal is to attract Japanese investors to take advantage of available opportunities, and contribute effectively to the sustainable development, in addition to share expertise."
The event marked the 60th anniversary since the establishment of Saudi-Japanese relations, with Japan currently ranked as the fifth largest foreign investor in Saudi Arabia.
The Asian economic powerhouse has invested $15bn in 83 projects in the Kingdom across the petrochemical, pharmaceutical and financial sectors among others.
According to Attragi total investment in Jubail has reached $149.3bn. Jubail is known as the largest civil engineering project in the world today and accounts for around 7% of Saudi Arabia’s GDP.