Saudi Arabia seals more than $2 billion in investments with top global and local companies to boost the kingdom's petrochemical industry. According to the Saudi Arabian General Investment Authority (Sagia), more than 80 representatives from domestic and international entities would meet formally in Riyadh to sign the deals.
Among the deals is SNF's plan to explore opportunities to build a 50,000 tons/year polyacrylamide plant in Jubail. SNF also sign an agreement with Japan's Mitsui to construct a 1 million tons/year ammonia production facility in Jubail.
Shell is considering to set up a residue catalyst upgrading facility, which will utilize state-of-the-art technologies. The company also cooperates with AMG (Advanced Metallurgical Group) to evaluate the feasibility of building a processing plant to reclaim valuable metals from recycling spent catalyst waste produced by refineries in Saudi Arabia and its neighbors.
These investments are part of broader economic reforms that aim at accelerating foreign investment growth in Saudi Arabia. The kingdom is now at 62nd place in the World Bank's Doing Business 2020 ranking, climbing 30 places from last year.
