The President of Royal Commission for Jubail and Yanbu (RCJY) Eng. Abdullah bin Ibrahim Al-Saadan patronized virtually the signing of an investment agreement between Jubail and Yanbu Industrial Estates Services Company and Xinguang Industrial Company, and a memorandum of understanding between Saudi Silk Road Industrial Services and Xinguang Industrial Company in Jubail Industrial City, in the presence of Chinese Ambassador to the Kingdom of Saudi Arabia, Chen Weiqing.
The signing of the agreements comes within the activities of G20, where the agreement aims to establish and operate a LED factory in Jubail Industrial City. The factory is expected to provide 267 direct job opportunities with a total investment of 3.383 billion riyals.
The memorandum of understanding between the Saudi Silk Road Industrial Services and the Xinguang Industrial Company is a project for new materials and transformative industries between China and Saudi Arabia, where the total investment of 3.750 billion riyals.