YANBU: Prince Abdul Aziz Bin Majed Bin Abdul Aziz, Emir of Madina, has called on government and private companies to invest in the development of Yanbu, reminding companies that they have a responsibility toward the city. The Emir made the comments during his inauguration of a number of service projects of the Yanbu Chamber of Commerce and Industry Monday, in the presence of Prince Saud Bin Abdullah Bin Thunayyan, Chairman of the Royal Commission of Jubail and Yanbu. At the inauguration ceremony, the Emir spoke of the development in Yanbu. He cited the late King Fahd Bin Abdul Aziz's statement when he visited Yanbu that “large companies were given the chance to invest in the Royal Commission, and they have a responsibility toward Yanbu and its society”. The Emir launched the chamber's Information Center of the Mansour Abdul Ghaffar Library, Electronic Management department and website, Businesswomen and Society Service Center, Women's Hall and Businessmen's Club. He then visited an exhibition of the Saudi Commission for Tourism and Antiquities and a photography exhibition. He later opened a women's project and was briefed on Saudi-made products. Ibrahim Badawi, chairman of the chamber, said the government was aiming to build a diversified economy with diverse resources, based on the country's oil and hydro-carbon resources. It has provided all the facilities and services to encourage investment and setting up of different industrial projects. Meanwhile, the two-day Saudi Forum for Processing Industries was opened Tuesday by Prince Al-Thunayyan. Prince Saud said the Saudi economy remained firm despite tough global conditions. He said there has been a steady flow of investments into Yanbu and Jubail Industrial Cities. The investment projects licensed in 2010 amounted to SR146 billion while the overall investments amounted to SR676 billion. He said these mega projects have generated many opportunities in the processing industries sector. The first session of the forum entitled “Handling the Challenges of the Development of Processing Industries” kicked off with speakers stressing the importance of the development of the industries and the impact of new chemical industries. Dr. Muhammad Bin Ibrahim Al-Suwail, President of the King Abdul Aziz City for Science and Technology (KAACST) and Omar Al-Dabbagh, Governor of the Saudi Arabian General Investment Authority (SAGIA), and a number of foreign experts addressed the session. In the second dialogue session called, “Development of Markets and Determining Opportunities”, speakers reviewed the development of new markets in the region. The participants concluded the first day of the forum by touching on the storage, transportation and shipment of petrochemicals and discussed the Saudi market and training of workers in the processing industries.
