Custodian of the Two Holy Mosques opens in the presence of King of Bahrain projects in Yanbu, inaugurates Prince Abdulmohsen Airport

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Saudi-U.S. agreement to run economic projects in Knowledge City

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud patronized the inauguration ceremony of a number of Royal Commission for Jubail and Yanbu development projects, including Yensab Co. Project, all amounting to SR45 billion.

King Hamad bin Isa Al Khalifa of Bahrain attended the event.

Upon arrival at the venue, the two monarchs were received by the President of the Royal Commission for Jubail and Yanbu Prince Saud bin Abdullah bin Thenayan Al Saud and Prince Abdulaziz bin Majed bin Abdulaziz, Governor of Al-Madinah Al-Munawarah Region, senior officials and representatives of the private sector.

In a keynote speech, the President of the Royal Commission for Jubail and Yanbu Prince Saud bin Abdullah bin Thenayan Al Saud pointed to the current international financial crisis, noting that Saudi Arabia has overcome that difficult time, thanks to the prudent leadership of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, and Prince Naif bin Abdulaziz, the Second Deputy Premier and Interior Minister.

For his part, Al-Mady said SABIC has taken advantage of the global economic downturn by focusing on areas of strengths in its distinct evolution, by supporting its customers and getting closer to them and by expanding its marketing network and developing its employees around the world.

Besides, SABIC has given scientific research and technological development high priority and maximum attention, he said, citing agreements between SABIC and each of King Abdullah University of Science and Technology and King Saud University to establish strategic partnership and help develop prospects for cooperation in research that will develop the plastic industry based on the universities' sophisticated environment and the great potential for even more research in the future.

Al-Mady went on to say that SABIC has developed a strategic plan to the preferred world leader in chemicals through the growth and diversity of its production to meet the growing global demand. YANSAB complex, which was inaugurated by the King, comes within this plan, SABIC's Vice President and CEO added.

He said the monarch's visit coincides with the auspicious first day when it begins production, with total investments amounting to nearly twenty billion Saudi riyals.

The complex comprises eight plants with annual production capacity exceeding four million metric tons of petrochemical products and basic materials, he added. Moreover, the King has inaugurated the National Industrial Gases (GAS) expansion project III with a cost of more than nine hundred million Saud riyals, which will add 1.6 million tons of oxygen and nitrogen products annually, he said, adding that this is in addition to laying the foundation stone for the expansion of Arabian Industrial Fibers Company (Ibn Rushd) with more than five billion Saudi riyals, bringing to four million tons of petrochemical products the capacity of the complex.

Al-Mady revealed that SABIC is currently studying the feasibility of establishing a plant for the production of synthetic rubber jointly with Exxon Mobil, SABIC's partner in YANPET industrial complex.

Following the speech ceremony, the monarch and his guest the King of Bahrain kicked off a number of development projects including YANSAB, Phase I of Royal Commission for Jubail and Yanbu Infrastructure projects (Yanbu 2); roads, bridges and educational projects; National Industries Gases (Gas 2); and laid the foundation stone for housing projects; sea front development projects; phase I of Infrastructure projects (Yanbu 2); educational and health projects; expansion of Ibn Rushd Company project and expansion of Marafiq Power Station.

Then the King and King Hamad saw documentary films on the projects.

Then the King dedicated and laid the foundation stone of a number of private sector projects.

For his part, the Minister of Water and Electricity Eng. Abdullah bin Abdulrahman Al-Hussein announced the approval of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for establishing a unified project for water desalination and power generation with a capacity of 550,000 cubic meters. of water an 1700 megawatt of electricity to meet the future requirements of Al-Madinah Al-Munawarah city, some towns and villages of the region and to meet the supply needs of Marafiq and Saudi electricity Company at an estimated cost of SR14 billion.

Four hundred thousand cu. m. of water will be allocated for the city of Al-Madinah Al-Munawarah while 150,000 cubic meters of water and 700 megawatt of electricity will go to Marafiq and SEC, he said.

The minister said the project will meet the collective needs of those parties, leading to reduction of production cost of water and electricity and the provision of ideal use of fuel.

Then the King and the Bahraini guest had a lunch party held in their honor to mark the occasion.

The events were attended by Prince Naif bin Abdulaziz, the Second Deputy Premier and Interior Minister; Prince Abdulilah bin Abdulaziz, Advisor to the King; Prince Miqren bin Abdulaziz, Chief of General Intelligence; Prince Faisal bin Abdullah bin Mohammed Al Saud, Minister of Education, Prince Abdulaziz bin Majed bin Abdulaziz, Governor of Al-Madinah Al-Munawarah Region; other princes, King Hamad's accompanying delegation, U.S. Treasury Secretary Timothy Geithner, ministers and senior civil and military officials.

The Saudi and Bahraini monarchs held talks at King Fahd Cultural Center in Yanbu Industrial City on Tuesday. During the meeting, they discussed the developments and events at regional and international arenas in addition to ways of enhancing cooperation between the two countries in all fields.

The meeting was attended by Prince Naif bin Abdulaziz, the Second Deputy Premier, Minister of Interior; Prince Abdulilah bin Abdulaziz, Adviser to the King; Prince Miqren bin Abdulaziz, the Chief of General Intelligence; and Prince Faisal bin Abdullah bin Mohammed Al Saud, the Minister of Education.

The meeting was also attended by Minister of the Royal Court, Sheikh Khalid bin Ahmed bin Salman Al Khalifa; and Foreign Minister, Sheikh Khalid bin Ahmed bin Mohammed Al Khalifa.

Also on Tuesday, King Abdullah received at King Fahd Cultural Center in Yanbu Industrial City the U.S. Treasury Secretary Timothy Geithner and the accompanying delegation.

During the meeting, the U.S. Treasury Secretary conveyed the greetings of U.S. President Barack Obama to the King.

In turn, the King sent his greetings to the President.

They also discussed issues of common interest.

The meeting was attended by Prince Naif bin Abdulaziz, the Second Deputy Premier, Minister of Interior; Prince Abdulilah bin Abdulaziz, Adviser to the King; Prince Faisal bin Abdullah bin Mohammed Al Saud, the Minister of Education; Dr. Ibrahim Al-Assaf, the Minister of Finance; and the Charge d'affaires of the U.S. Embassy in the Kingdom of Saudi Arabia Richard Erdmann.

Meanwhile, the Madinah-based economic knowledge city (EKC) signed an agreement with the American Management Company 'ICOM'.

Under the agreement, the American company will undertake a comprehensive management for the existing development projects in Madinah.

The value of the contract, signed by Executive President of Economic Knowledge City Eng. Tahir Bawazeer and ICOM'S Executive President Douglas Macrikein, amounts to SR54 million.

Eng. Bawazeer said the contract comes within the framework of the on-going efforts to attract the distinguished international expertise for boosting the projects by advanced programs.

On his part, Macrikein highlighted the steadily growing Saudi economy and reiterated the keenness of his company on enhancing cooperation with the national companies.

He noted that under the contract the company will provide the Economic Knowledge City with the required comprehensive administration.