Saudi Arabia’s cabinet has agreed Monday on allocating 50 square kilometers of Saudi Aramco’s reservations to build a new energy industrial city in the Eastern Province, state-owned Saudi Press Agency reported.

 

The cabinet also approved the oil giant’s offer to set up two firms to develop the project’s infrastructure, as well as an offer to manage, operate and maintain the city.

 

Accordingly, the ownership of all fixed assets in the city will be transferred to the developer going forward.

 

Aramco in March said it expects the new industrial city to cost SAR 16.5 billion to build. 

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