The agreement will see Savola Packaging Systems (SPS), a wholly owned subsidiary of the Saudi group, identify suitable products to be manufactured in the city’s industrial zone.
It will then invite international plastics firms to set up operations in the area.
During the visit to KAEC by King Abdullah bin Abdulaziz al-Saud in June, plans were announced to devote an area of the city to the plastics industry.
Emaar The Economic City, which is developing the city, is hoping to attract SR32bn of investment in the industrial zone of KAEC.
During the king’s visit Amr al-Dabbagh, the governor of Sagia, the government body overseeing all six economic cities, said investment in KAEC had reached more than SR130bn ($35bn).