Business & Money | Sunday 28 January, 2018 1:51 pm |

The key role earmarked for the Eastern Province in driving Saudi Arabia towards its Vision 2030 goals and economic development is mapped out in a wide-ranging interview that its governor, Prince Saud bin Naif Al Saud gave recently to Oxford Business Group (OBG).

 

Prince Saud told OBG that while the province already has a strong industrial base, the planned launch of several industrial cities will lead to increased specialization and sophistication. The Prince pointed specifically to Ras Al Khair Industrial City, a comprehensive, multi-pronged project, which will significantly broaden the scope of the region’s industrial base and help to nurture fledgling sub-segments of the economy.

 

“The Eastern Prov­ince is home to first-rate petrochemical and basic industries, which makes it an important enabler of the manufacturing industry,” he said. “Upon its commis­sioning, Ras Al Khair will be a mega-industrial complex, comprising three vital economic sectors: mining; construction and maintenance of large ships ... and manu­facturing, which will be fed by aluminium, iron and petrochemical feedstock, and which will open new horizons for the manufacturing in the Kingdom.”

 

Prince Saud added that the province’s track record in power generation and the manufacturing of complex spare parts for the energy and petrochemicals sectors meant it was well placed to support national efforts to elevate key areas of industry to a higher level of complexity.

 

Saudi Arabia’s many competitive advantages, he noted, combined with increased funding for key initiatives, would help the country to retain foreign direct investment (FDI), even as industry subsidies are reduced. “Establishing an environment which is conducive to FDI is essential if we are to achieve our 5.7% of GDP target for this year in line with Vision 2030 goals,” the prince said.

 

The full interview with Prince Saud will appear in The Report: Saudi Arabia 2018, OBG’s tenth-anniversary publication on the country’s economy. The report will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.

 

The report will contain a detailed, sector-by-sector guide for investors, alongside contributions from leading personalities, including:  Ibrahim Al Omar, Governor of Saudi Arabian General Investment Authority; Abdullah Alswaha, Minister of Communication and Information Technology; Nabeel Al Amoudi, Minister of Transport; Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority; Ahmed Al Khateeb, Chairman of Saudi Arabian Military Industries; Mohammed El Kuwaiz, Chairman of the Capital Market Authority; Sarah Al Suhaimi, Char of Tadawul. The report will be available in print and online.