02/09/2015 04:56 AST
Delegates from the Royal Commission for Jubail and Yanbu (RCJY) visited the US state of Ohio, where they attended a US-Saudi Arabian Business Council (USSABC) and discussed Saudi market opportunities for American businesses in order to further enhance cordial economic cooperation between the two friendly countries.
"An executive delegation from the Royal Commission at Yanbu, the master planner and managing authority for the Yanbu Industrial City, attended an exclusive business round-table in Columbus, Ohio, recently where the attendees from both sides discussed market opportunities and coordination," David Callahan, vice president for business advisory services at the USSABC, Riyadh, told Arab News on Tuesday.
The Columbus program was organized by the USSABC, he added.
Commenting on the objective behind the visit, he said: "The program was aimed at sharing information, address concerns and engage in dialogue with a select group of companies who are in the target industries that Yanbu industrial city project would like to support and see grow in the Kingdom for concerted economic cooperation."
He said these target sectors include downstream petrochemicals and plastics, consumer goods, rubber, renewable energy, automotive parts, multi-modal logistics and spare parts for oil and gas, petrochemical and desalination technology-based industries.
He noted that during the meeting, the RCJY delegates also discussed the infrastructure support, financial incentives, availability of key feedstocks and the market demand for these target industries in the Kingdom.
At this bilateral trade and business meet, the Saudi delegation was led by Zaidan Yousef, director general of strategic planning and investment development at RCJY.
Notably, Yanbu Industrial City has been a magnet for foreign investment and industrial activity for the past 40 years and under the leadership of the Royal Commission. The city is anticipated to become the world’s largest refining hub by 2019 and one of Saudi Arabia’s favored locations for the ongoing rapid industrial development.
According to the figures provided by the USSABC, when combined with Jubail Industrial City, the Royal Commission accounts for 65 percent of the industrial investment in the entire Gulf region and enjoys a 20.2 percent average annual growth rate in terms of FDI. Both cities are managed by the RCJY.
Earlier, speaking at the meet, USSABC President and CEO Edward Burton said: “Yanbu’s competitive package of land, utility and infrastructure services coupled with its access to Middle Eastern, European, Asian and African markets make it a must for consideration for any international firm looking to expand its footprint in the Gulf region.”
Arab News
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