Saudi Arabia's Minister of Industry and Mineral Resources Inspects Multi-Billion Riyal Projects in Ras Al-Khair Industrial City

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Ministry of Industry and Mineral Resources

Mar 20, 2023, 09:01 ET

RIYADH, Saudi Arabia, March 20, 2023 /PRNewswire/ -- His Excellency the Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Royal Commission for Jubail and Yanbu, Mr. Bandar bin Ibrahim Al-Khorayef, undertook an inspection tour of Ras Al-Khair Industrial City to review the development of infrastructure in a number of mineral projects. The size of these projects is estimated at 82 billion riyals. It is expected to contribute more than 100 billion riyals to the GDP, creating over 41,000 direct and indirect job opportunities.

Accompanied by His Excellency the President of the Royal Commission for Jubail and Yanbu, Eng. Khaled Al-Salem, and His Excellency the Vice Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid Almudaifer, the Minister's visit aimed to ensure the availability of infrastructure and meet with investors to discuss challenges and find solutions to address them. The visit also aimed to ensure the readiness of announced projects within a partner program, promote investment opportunities, and attract qualitative investments to the city.

The Minister stopped at several projects during the inspection tour, including the casting and forging complex, part of the Shareek program, the Maaden Phosphate project (3), and the steel plate project, which have a total investment value of 38 billion riyals. The Minister also assessed the progress of three projects under development, namely: flat steel complex, copper and zinc smelter and the iron ore pellets, with a total investment of 44.5 billion riyals.

Ras Al-Khair Industrial City is a new industrial area that includes one of the most modern industrial ports in the Kingdom, making it one of the arteries of the Saudi economy that feeds the vital programs and projects that are implemented by the public and private sectors. It is also home to several Shareek projects, which aim to enhance public and private sector partnerships. The city is set to become one of the largest cities for mining industries in the world.

The Minister's inspection tour highlights the commitment of the Saudi government to promote and develop the mineral industries sector, which is expected to significantly contribute to the growth of the Saudi economy in the coming years.

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SOURCE Ministry of Industry and Mineral Resources