As oil prices stay low, investments in industrial clusters will play a key role in Saudi Arabia’s diversification strategy and help the non-oil economy, business analysts agree. A sector that could intensify diversification is plastics with the kingdom aiming for a rank among the top 10 global exporters.
Aluminium Products Company (Alupco) has announced growth in both local and export sales in 2014 and said its expansion project for its Dammam plant is proceeding according to plan while its Jeddah plant has received a new anodising line.
Aarico, the Saudi-based Ashcroft Al Rushaid Instrument Company Ltd and maker of sophisticated pressure and temperature instruments, has expanded its international portfolio of customers adding two key parties in Bahrain and Kuwait.
The Saudi British Economic Offset Programme (SBEOP) has announced it has helped facilitate the implementation of 15 projects over the past 20 years with total capital investment exceeding SR9.5 billion ($2.52 billion). “These joint venture projects have created more than 2,300 jobs with exports totalling in excess of SR10 bn.
Almajdouie Logistics continues to serve as one of the leading players in the handling of cargo including large and outsized equipment for projects coming up in Saudi Arabia.
Sadara Chemical Company and Chemie-Cluster Bayern (CCB), a leading business management consultant in Germany, have signed an agreement to cooperate and jointly support the development of chemical-based value chains in PlasChem Park in Jubail, Saudi Arabia.