The deal, signed in collaboration with PolymerOhio and Saudi Arabian General Investment Authority (Sagia), will involve evaluating the concept of developing the plastics hub and how to encourage investment in it.
Emaar, the Economic City is the developer of the city.
“The objective of the Plastics Valley is to position KAEC as the regional hub for the fast-growing plastics industry by employing sustainable growth technologies,” says Sami al-Halabi, acting executive director, commercial at Emaar, the Economic City. “Several plastics industries are expected to set base in the plastics valley cluster shortly with investments expected from several countries.”
The plastics valley will be a key component of KAEC’s industrial zone, one of six zones at the $86bn city development.
Saudi Arabia is trying to encourage the development of plastics industries in the kingdom as it seeks to diversify the economy away from oil.