King Abdullah, Custodian of the Two Holy Mosques, launched the world's largest saline water desalination and electricity project in Jubail Industrial City, Tuesday. In all, the King launched developmental and industrial projects worth SR54 billion, including Jubail's water and electricity company and projects of Saudi Arabian Basic Industries Corporation (Sabic). The grand function, attended also by Prince Naif Bin Abdul Aziz, Second Deputy Prime Minister and Interior Minister, was organized by the Jubail and Yanbu Royal Commission (JYRC), Sabic, Marafeq, and other companies. Other dignitaries present were Prince Muhammad Bin Fahad, Emir of the Eastern Province; Prince Saud Bin Abdullah Bin Thunayan, President of the Royal Commission for Jubail and Yanbu; Prince Jalawi Bin Abdul Aziz Bin Mosa id, Vice Governor of the Eastern Province; Abdulmuhsin Al-Otaishan, Governor of Jubail; Jassim Al-Hajji, Director General of the Jubail Royal Commission; and Mohammed Al-Madhi, CEO of Sabic. Prince Saud Bin Abdullah Bin Thunayan, JYRC President, said in his speech that the King's support for the Commission is particularly focused on the training of Saudi nationals. Mutlaq Al-Qahtani of the Eastern Province Chamber of Commerce and Industry said the desalination and electricity plant's 2,750-megawatt output would meet the power needs of Jubail's existing factories and those under construction. “The city will need more power given the new factories expected in Jubail 2 over the next few years,” Al-Qahtani said. “Sabic and other private sector factories number over 40,” he added, “and there are more than 30 secondary industry factories and more than 150 support industry factories.” A report from the International Research Institute shows the Kingdom will need 2,000 additional megawatts of power each year to meet demand. The report said that SR431 billion ($115 billion) was the estimated investment in the country's electricity sector up to the year 2023. According to the latest analysis on future power requirements, GCC countries will need an investment of an estimated SR488 billion ($130 billion) over the next 20 years to meet industrial and residential electricity demand. Jubail Governor Abdul Muhsin Bin Mohammad Al-Otaishan said that Jubail 2 has witnessed a 150-percent increase in investment. “This will propel the Royal Commission in Jubail and Yanbu to accelerate work on Jubail 3,” Al-Otaishan said. “The Kingdom's political stability, security and good infrastructure have made it a destination for foreign investors,” he said.
