Riyadh -- Saudi Basic Industries CorporationSaudi Basic Industries Corporation (SABIC) plans to set up Plastic Applications Development Center at Riyadh Techno Valley. To be built at an investment outlay of SR375 mln, the center will be spread over an area of 110,000 sq mts. When it is ready by 2012, it will aid Saudi Arabia's downstream industry produce diversified plastic products for a wide range of applications. With per capita consumption of 40 kgs, Saudi Arabia's plastics consumption is two times more than any other GCC country. The Kingdom’s packaging sector accounts for up to 70% of the GCC packaging market, valued at US$2 billion.