The first Saudi Arabian Downstream Forum focused mainly on how downstream players could help create job opportunities and diversify KSA’s economy.

The first Saudi Downstream strategic forum and exhibition held in Yanbu Industrial City, on the western coast of the Kingdom of Saudi Arabia has attracted major downstream players from all around the world.

More than 500 delegates from all Saudi downstream companies and major international companies involved in projects in the Kingdom attended, including Dow, Shell, and LyondellBasell.

The first forum was organised by the Royal Commission for Jubail and Yanbu. The panel list of speakers included top senior executives of all governmental bodies in Saudi Arabia, including Saudi Arabia General Investment Authority (SAGIA), the National Industrial Clusters Programme (NICDP), Saudi Ports Authority and many other governmental entities involved in downstream business, along with companies like SABIC.

The two-day event covered all the aspects of the downstream industry including feedstock, technology and logistics, as well as finance.

Prince Saudi Bin Abdullah Bin Thuneyyan Al Saudi, chairman of royal commission for Jubail and Yanbu, and SABIC, delivered the opening speech at the event, highlighting the competitive position of the Saudi economy and the increasing role of petrochemical industry in adding value to the Kingdom’s economy, and creating the much needed jobs for Saudi national.

“Despite the recent economy downturn, our economy has continued its uptrend mainly because of the flow of direct investments to Yanbu and Jubail industrial cities,” said the Prince.

“The total approved investments in the two industrial cities in 2010 reached US$38.93bn, while total investments in the two cities to date exceeded $180.2bn,” he explained.

Prince Saud pointed out that the huge investment projects would add more value to the Kingdom’s economy.

Amr Bin Abdullah Al-Dabbagh, governor and chairman of the board of directors at SAGIA, in his presentation focused on the current investment climate in the Kingdom, and the improvement in doing business compared to five years back.

“In the recent report of the World Bank about easiness of doing business around the world, Saudi Arabia ranked in the 11th position, compared to the 67th place five years ago,” explained Al-Dabbagh.

Al-Dabbagh said that foreign direct investments to the Kingdom are increasing, mainly in the industrial sector. “Total direct investments to the Kingdom reached $57bn in various sectors,” revealed Al-Dabbagh.

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