May 27, 2022

Dubai Week

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Emirates News Agency – Saudi Arabia Announces New Investments Over $ 32 Billion

Riyadh, May 6 / WAM / Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Qoraif said the ministry aims to attract $ 32 billion worth of investment in the mining and minerals sector through 9 new projects aimed at supporting exports of mineral products. For local and international markets.

According to the Saudi News Agency (SPA), the Ministry of Economy is currently reviewing 145 applications for research licenses from foreign companies.

Minister al-Goreif pointed out that among the projects currently being implemented as part of the targeted investment, the steel plate factory, with an investment of more than $ 4 billion, aims to provide the marine industry and shipbuilding plant at the King Salman International Complex. Factory for services and electric car battery inputs in Ras al-Khair. At $ 2 billion, it is expected to increase, in addition to projects producing metals such as aluminum, steel sheets and copper and zinc refining. Local demand due to industrialization trend in the state.

Al-Qurayf added that the investment, in collaboration with the Ministry of Investment and the Ministry of Energy, seeks to transform the mining sector into the third pillar of the national industry as part of the nation’s Vision 2030. The National Industrial Development and Logistics Program indicates that these projects will provide more than 14,500 jobs.

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Wam / Abdel Nasser Monim

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