RIYADH: Saudi Arabia’s Yanbu governorate is poised to see the development of several industrial projects following an agreement between its Royal Commission and Skytower Investments Ltd. The memorandum of understanding, signed by the commission’s CEO, Abdul Hadi Al-Juhani, aims to develop industries in the petrochemicals sector, specialized chemicals, renewable energy, and other manufacturing divisions. This MoU signing is part of the Royal Commission’s ongoing efforts to attract more local and international investments to Yanbu Industrial City in promising sectors, aligning with the objectives of Saudi Vision 2030 programs. Headquartered in Riyadh, STI is an investment firm specializing in renewable technology, green manufacturing, supply chain, and green power production. “This is a result of significant development over the past nine months by both teams paving the way for more international manufacturing and localization projects landing in Yanbu,” Skytower said in a tweet on X. It added: “This agreement will pave the way for more international manufacturing and localization projects landing in Yanbu, an industrial heartland with complete industry infrastructure and extensive manufacturing experiences.” In April, STI signed a four-party joint agreement with Chinese automaker Chery Automobile Co., the Ministry of Investment, and the National Industrial Development Center. This collaboration, driven by Saudi Arabia’s Vision 2030, signifies a crucial step toward future economic opportunities and the well-being of the Saudi people. In August 2023, the Kingdom’s untapped southern region took a significant step toward welcoming international travelers. Cruise Saudi and the Royal Commission for Jubail and Yanbu signed an MoU to unlock the region’s tourism potential. This strategic partnership was aimed at positioning the southern region as a captivating tourist destination, fostering growth in the travel sector and contributing to the region’s economic advancement. Formalized during the MASAREB ceremony held in Jazan, the agreement encompassed a spectrum of efforts, from knowledge transfer to mutual alignment on ventures aimed at establishing the destination and yielding a positive local impact. STI is a global partnership between NGOs, green businesses with advanced eco-friendly technology, sustainable manufacturing, and Saudi’s national sustainable economic development authorities. Their aim is to develop practical plans for industry decarbonization, economic revitalization, technological advancement, and carbon-neutral technology.