Saudi Arabia approves $530m industrial investment company

Company will focus on industries that rely on sectors like petrochemicals and plastics

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The Council of Ministers, which was chaired by Crown Prince Salman Bin Abdulaziz, Deputy Premier and Minister of Defense, on Monday approved the creation of a new company to invest in manufacturing industries.

The new Saudi Arabian Company for Industrial Investment will have capital of SR2 billion ($533 million). It will focus on conversion industries that rely on petrochemicals, plastics, fertilisers, steel, aluminium and basic industries (and) that achieve economic diversification.

The decision fits in with government efforts to develop a broad downstream industrial base, alongside the creation of industrial zones that take advantage of the Kingdom’s low energy costs and readily available raw materials.

The new company is a joint venture between the Public Investment Fund, Saudi Aramco and Saudi Basic Industries Corp (SABIC).

In a move to ensuring high-quality specialist medical care, the Cabinet also approved the regulation for medical cities and specialist hospitals affiliated to the Ministry of Health.

Medical cities and specialist hospitals will have a board of directors, which will govern and manage all their affairs without bypassing the legally approved powers of the Health Services Council.

The objective includes exerting efforts to attract Saudi and international medical professionals with a distinguished track record in superior medical specialties. There is also a provision in the regulation to draw up an integrated program to train Saudi doctors so as to enable them to provide medical care at par with resident doctors.

At the outset of the session, the Crown Prince, on behalf of Custodian of the Two Holy Mosques King Abdullah, wished success to the 25th Arab Summit, set to begin in Kuwait on Tuesday.

The Cabinet was briefed on the report of Independent International Fact-Finding Committee on Syria. The Cabinet reaffirmed the need to hold accountable all perpetrators of war crimes and crimes against humanity in Syria and bring them to justice. Voicing deep concern at the suffering of Syrian people, especially refugees including children and women, the Cabinet proclaimed its position to stand by the Syrian refugees and provide them with necessary assistance.

The Cabinet also emphasized the Kingdom’s commitment to protect and promote human rights at the national level and support human rights at the regional and international levels.

This article was first published in the Saudi Gazette on March 24,2014.