JUBAIL — The Royal Commission for Jubail and Yanbu (RCJY) signed two investment agreements worth SR 7 billion with Xinguang Industrial Company, a Chinese company, on Wednesday, the Saudi Press Agency reported.

The agreements, which are part of Saudi Arabia's G20 presidency year activities, were overseen by the president of RCJY Abdullah Bin Ibrahim Al-Saadan.

The first agreement was inked by Jubail and Yanbu Industrial Estates Services Company to establish and operate a LED factory in Jubail industrial city.

The factory is expected to provide 267 direct job opportunities with a total investment of SR3.383 billion.

Meanwhile, Saudi Silk Road Industrial Services signed a memorandum of understanding at a total value of SR3.75 billion for a polycarbonate and polyethylene factory with the Chinese company. — SG