|April 2nd, 2005, 02:33 PM||#1|
Join Date: Dec 2002
Location: Bahrain; London
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Jubail is 'city with best potential' says report
Jubail, Saudi Arabia's burgeoning industrial hub on the Arabian Gulf, has been named the city with the best economic potential in the Middle East by the Financial Times' Foreign Direct Investment (fDi) magazine.
An expert panel selected Jubail from among 40 economic centres in the region, a report in Arab News said.
Among input considered by the panel of judges was the key fact that while overall GDP growth can vary sharply from year to year because of oil price fluctuations, the Jubail region's private sector contribution to GDP had grown at a steady, average rate of almost 4 percent per annum for the last 10 years, the report said.
Among other factors supporting Jubail's qualifications, was that the inflow of foreign investment in Jubail was also directed toward community-responsible and environmentally conscious projects.
The panel also considered crucial alterations to Saudi Arabia's legislation, moves that enhance the country's investment attractiveness. Examples include allowing 100 percent direct foreign project ownership, expatriate ownership of real estate and unrestricted repatriation of capital and profits.
Apart from being home to the world's largest petrochemical complex, Jubail is now estimated to account for as much as 7 percent of the world petrochemical market.
Jubail City has enjoyed massive foreign investments of over $46 billion. Of all foreign investment flowing into Saudi Arabia, nearly half has gone to Jubail.
Meanwhile, Prince Saud bin Abdullah ibn Thunayan, chairman of the Royal Commission, in February signed a contract with Abdullah ibn Abdul Mohsen Al-Khudairy & Sons to carry out a number of projects related to the second industrial city in Jubail. The new industrial city will cost SR67.4 billion to build.
There are almost 30 plants under construction in Jubail, with another two undergoing major expansions; there are 44 more on the drawing board. The project to create the 6,200-hectare Jubail Industrial City II foresees investment totaling $56 billion and the creation of 55,000 jobs.
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