1999 News Story

Praise For New Public Company

Praising the establishment of the new public joint stock company announced on Monday by the cabinet, Chairman of the Royal Commission for Jubail and Yanbu Prince Saud Ibn Abdullah Ibn Abdul Aziz commented that the Commission would continue to provide basic services such as education, health care, sanitation and environmental protection as well as support services related to personnel and financial affairs. He added that setting up the new company, whose proposed capital will amount to about SR 2 billion (U.S. $0.53 billion), would lead to expansion of service facilities and implementation of new industries. This would provide opportunities for the private sector to carry out new engineering, construction and service projects, thus boosting the Kingdom's economic development and creating more jobs for the citizens of the two areas.