Invest in downstream industries, says Zamil CEO

  • Share via facebook
  • Tweet this
  • Bookmark and Share
CEO of Zamil Industrial Investment Company, Abdulla Al Zamil.

CEO of Zamil Industrial Investment Company, Abdulla Al Zamil.

The CEO of Zamil Industrial Investment Company, Abdulla Al Zamil, has kicked off the seventh annual Arabian Business Forum calling for increased regional investment in downstream industries to create jobs for young GCC nationals.

Al Zamil, boss of one of Saudi Arabia’s biggest companies, said the region can no longer to continue to rely on an oil-based economy amid changing geopolitical policy.

“Refineries and petrochemicals do not create enough jobs, only 7 percent goes to oil refinery and petrochemicals. The focus is clear in my opinion, the government in Saudi Arabia and Gulf should be investing in downstream industries,” he said.

He cited the example of a US$15bn refinery, which recently launched in Saudi Arabia, creating only 1,000 jobs.

A decade-long population boom means the Saudi government can no longer afford to reduce unemployment by creating public sector jobs.

The future of Saudi Arabia and creating jobs lies in alternative energy and manufacturing, added Al Zamil. 

“The world will no longer depend on this region’s crude oil and regional governments have seen it coming, Saudi Arabia in particular,” he said.

“In a nutshell I think for the next ten to 20 years two things will happen; [there will be a] concentration on downstream industries and the other is the concentration of creating a base for alternative energy manufacturing supply chain,” he said.

Related:

Market Performance

Zamil Industrial Investment Company
54.75
1.91 3.61 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Back in business

Back in business

Iran’s tankers are back on the oceans as sanctions on the Islamic...

A new future for Saudi Arabia?

A new future for Saudi Arabia?

The vast Wadd Al Shimal phosphate mine in the north of Saudi...

Will shale shake the Middle East?

Will shale shake the Middle East?

The debate over shale’s impact on the GCC continues. Will this...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams