A planned plastic materials and electronic optics industry manufacturing base to be operated by SG New Materials (Guangzhou) was officially launched in the city of Jubail in Saudi Arabia on Nov 18.
With an investment of $892 million, the Jubail facility will use Saudi petroleum refining products for R&D and production of plastic components for advanced manufacturing.
The planned plastic materials and electronic optics industry manufacturing base is officially launched on Nov 18.
The products will be transported to Guangzhou to be finished as spare parts, which can both meet domestic demand for high-end new materials in such areas as 3D printing, medical treatment and new energy and be resent to Saudi Arabia for assembling and sales to the Middle East and Europe.
The project is a bridgehead in China-Saudi Arabia cooperation. It conforms to the Belt and Road Initiative and China's Dual Circulation development strategy – where Chinese and international markets complement and reinforce each other, but with the domestic market as the mainstay – and Saudi Vision 2030.
Once operational, it will generate an annual output value of about $2.2 billion and create around 10,000 jobs.
Supplementing the project, SG New Materials (Guangzhou) will build a high-end new materials and electronic component production and research plant in Guangzhou's Huangpu district. It will focus on the high-end new materials needed by optics, rail transit and new energy vehicles, while also engaging in 5G chips and semiconductors packaging.