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Fri 11 Nov 2016 10:21 AM

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Saudi Arabia to develop auto, pharma and solar industries

Energy minister Khalid al Falih said the kingdom would set up new industrial clusters around Damma, Ras Al Khair and Jizan

Saudi Arabia to develop auto, pharma and solar industries
Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih. (Getty Images)

Saudi Arabia will develop automotive, pharmaceutical and solar industries, its energy minister said on Sunday, revising its strategy to help the world's largest oil exporter to diversify its economy.

Khalid Al Falih said the kingdom would set up new industrial clusters such as energy cities south of Dammam, a maritime complex in Ras Al Khair and another city in Jizan for basic and more developed industries.

He said the capital of the Saudi Industrial Development Fund could be boosted to give loans to projects.

Falih was speaking at an annual event for Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals companies.

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