Saturday, 4 Feb 2023

Royal Commission for Jubail and Yanbu Signs 5 Investment Agreements Worth more than SR43 Billion on Sidelines of Mining Conference

Riyadh-- The Royal Commission for Jubail and Yanbu signed five agreements worth more than SR43 billion to establish projects in Ras Al-Khair Industrial and Yanbu Industrial Cities, on the sidelines of the International Mining Conference held at the King Abdulaziz International Conference Center in Riyadh.

The agreements included the signing of the Royal Commission for Yanbu two investment agreements, the first with the "Red Sea Aluminum Industrial Company" to lease industrial land in Yanbu Industrial City, to establish a factory project for smelting and rolling aluminum and its alloys, drawing, purifying and casting, in addition to casting non-ferrous metals, to contribute to meet the local, regional and global market demand. Moreover, the factory will also stimulate the existence of manufacturing industries and provide future localization opportunities and achieve the Mining Strategy 2030.

The project, which will be established on an area amounting to 703.8 hectares with an investment volume of SR38.168 billion, is expected to provide 5,517 job opportunities to contribute to mining infrastructure projects through the mining ore distribution port, which is a strategic gateway to access global markets. The second agreement was signed with the "EV Metals" company (EVM) and aims to lease industrial land to establish a complex for the production of high-purity chemicals required for active materials in the cathode that can be recharged for lithium-ion batteries for electric vehicles and renewable energy storage. The project area is 127 hectares in size with an investment worth SR3.375 billion.

Meanwhile, the Royal Commission in Ras Al-Khair Industrial City signed three investment agreements, the first with the "Saudi Holding Company for Conversion Industries", which includes the allocation of 157,000 square meters to establish and operate a factory for the production of aluminum foil and rolls in Ras Al-Khair Industrial City, which will be an added value for its use of raw materials from Ma’aden Company, and will serve the local and global markets, at an investment amounting to SR1.281 billion, and is expected to create more than 350 job opportunities.

An agreement was also signed with the "Tamouh Development and Investment Company", under which a land of 130,000 square meters will be allocated to establish and operate a factory for the production of high-density aluminum fluoride, with an investment value of SR474 million, and will provide more than 127 job opportunities.

The third agreement was signed with the Petroleum Protection Services and Construction Company to allocate 10,000 square meters to establish and operate a ready-mixed concrete factory for marine uses, which will support the ports and marine industries sector with an investment of SR5 million and will provide 75 job opportunities.

Source: Saudi Press Agency

Posts You May Like