Arab News, Tue, May 28, 2024 | Dhu al-Qadah 20, 1445
Yanbu Royal Commission teams up with Skytower Investments for industrial projects development
Saudi Arabia:
Saudi Arabia’s Yanbu governorate is poised to see the development of several
industrial projects following an agreement between its Royal Commission and
Skytower Investments Ltd.
The memorandum of understanding, signed by the
commission’s CEO, Abdul Hadi Al-Juhani, aims to develop industries in the
petrochemicals sector, specialized chemicals, renewable energy, and other
manufacturing divisions.
This MoU signing is part of the Royal Commission’s
ongoing efforts to attract more local and international investments to Yanbu
Industrial City in promising sectors, aligning with the objectives of Saudi
Vision 2030 programs.
Headquartered in Riyadh, STI is an investment firm
specializing in renewable technology, green manufacturing, supply chain, and
green power production.
“This is a result of significant development over
the past nine months by both teams paving the way for more international
manufacturing and localization projects landing in Yanbu,” Skytower said in a
tweet on X.
It added: “This agreement will pave the way for
more international manufacturing and localization projects landing in Yanbu, an
industrial heartland with complete industry infrastructure and extensive
manufacturing experiences.”
In April, STI signed a four-party joint agreement
with Chinese automaker Chery Automobile Co., the Ministry of Investment, and the
National Industrial Development Center.
This collaboration, driven by Saudi Arabia’s
Vision 2030, signifies a crucial step toward future economic opportunities and
the well-being of the Saudi people.
In August 2023, the Kingdom’s untapped southern
region took a significant step toward welcoming international travelers.
Cruise Saudi and the Royal Commission for Jubail
and Yanbu signed an MoU to unlock the region’s tourism potential. This strategic
partnership was aimed at positioning the southern region as a captivating
tourist destination, fostering growth in the travel sector and contributing to
the region’s economic advancement.
Formalized during the MASAREB ceremony held in
Jazan, the agreement encompassed a spectrum of efforts, from knowledge transfer
to mutual alignment on ventures aimed at establishing the destination and
yielding a positive local impact.
STI is a global partnership between NGOs, green
businesses with advanced eco-friendly technology, sustainable manufacturing, and
Saudi’s national sustainable economic development authorities.
Their aim is to develop practical plans for
industry decarbonization, economic revitalization, technological advancement,
and carbon-neutral technology.