Saudi Arabia approves new fund to invest in manufacturing

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KHOBAR, Saudi Arabia, March 24 (Reuters) - Saudi Arabia's cabinet has approved the creation of a new company to invest in manufacturing industries as the world's top oil exporter tries to diversify its eco**my and generate jobs, state news agency SPA said on Monday. The new Saudi Arabian Company for Industrial Investment will have capital of 2 billion riyals ($533 million). "It will focus on conversion industries that rely on petrochemicals, plastics, fertilisers, steel, aluminium and basic industries (and) that achieve eco**mic diversification," SPA reported. Oil Minister Ali al-Naimi has previously said that Saudi Arabia produces many raw materials and petrochemicals but does **t invest e**ugh in manufacturing finished products to generate jobs for its young people.

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