Saudi Arabia to push auto, pharma and solar industries

November 7, 2016 9:00 am

Saudi Arabia’s Energy Minister Khalid al-Falih. (Image: Reuters)

* In a push to diversify its economy, Saudi Arabia will push automotive, pharmaceutical and solar industries

* The kingdom would set up new industry cluster in Dammam, Jizan and Ras Al Khair

Capital of the Saudi Industrial Development Fund would be boosted to give projects loans

Saudi Arabia will develop automotive, pharmaceutical and solar industries, going into the future, its energy minister said on Sunday, revising its strategy to help the world’s largest oil exporter to diversify its economy.

Khalid al-Falih said the kingdom would set up new industrial clusters such as energy cities south of Dammam, a maritime complex in Ras Al Khair and another city in Jizan for basic and more developed industries.

He said the capital of the Saudi Industrial Development Fund could be boosted to give loans to projects.

Falih was speaking at an annual event for Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals companies.

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Reuters
By Reuters
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