Saudi Arabia is pumping nearly SR236 billion ($63bn) into projects to boost its petrochemical industry and maintain its position as one of the world’s top chemicals producers, the Gulf kingdom’s largest bank has said on Saturday.
Nearly 21 per cent of the value of the 62 projects is in the execution stage while 33 per cent is in the study phase and 18 per cent is in the bidding stage, National Commercial Bank (NCB) said in a study sent to 'Emirates24|7'.This indicates that although capacity expansions are already being undertaken, larger industry growth and project development will be onstream after 2015, NCB said, adding that projects “On Hold” also form a significant share at 14.5 per cent.
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