New energy city prepared for Saudi Arabia
Saudi Arabia 
RIYADH, July 12, 2017 – Saudi Aramco will set up a new industrial city in a bid to up manufacturing within Saudi Arabia, local and international media reported on Monday.
“The government approved Aramco’s offer to set up a developer that will undertake laying out the infrastructure of the city, manage its fixed assets,” state news agency SPA reported.
The Energy Industrial City will be built next to Abqaiq in the Eastern Province, will cover 50 square kilometres and is expected to cost around USD 4.4 billion. Two companies are being created to build the city.
The project follows the In-Kingdom Total Value Add programme that requires the country to double the local energy-related industry to 70% by 2021.
“Expanding energy industries will achieve the target set by the kingdom to promote local content, the energy city is the core of localizing the solar industry for example as well as oil and gas services and the establishment of two companies could be seen as something that is in line with the arrangements of Aramco’s privatization plans,” Fadl al-Buainain, a Saudi economist, told Reuters.
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