(MENAFN) Saudi Aramco delivered the approval of the Saudi government to launch two new firms that will enhance and operate a new Energy Industrial City in the kingdom, as it aims to increase its industrial base.
Accordingly, the government confirmed Aramco"s offer to launch a developer that will undertake laying out the infrastructure of the city and manage its fixed assets.
Meanwhile, its plan is to use huge amounts of government money and the procurement budgets of big state-run enterprises, like national oil firm Aramco to attract foreign expertise.
Additionally, investments in the city are projected to reach USD4.4bn in the industrial city, as proclaimed a senior Aramco official.
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