King Abdullah bin Abdul Aziz of Saudi Arabia launched different development projects amounting to SR327 billion or US$81 billion on Thursday. The King's investments were directed towards the Royal Commission for Jubail and Yanbu, Saudi Arabian Basic Industries, Saudi Aramco, and other private entities located in the industrial cities of Jubail and Yanbu.
The industrial city of Jubail is located in Saudi Arabia's Eastern Province. Aramco, one of the country's leading oil companies, is headquartered in the city. Jubail is considered as the region's largest industrial city.
Yanbu, located in Al-Madinah in the kingdom's western region, is a major port in the Red Sea.
King Abdul Aziz's investment venture was part of the kingdom's campaign to lure placements from the private sector. These investments will enable companies to open more jobs. Currently, almost 12% of Saudi Arabia's population is unemployed, according to data provided by the Central Department of Statistics and Information.
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