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The agreements were signed on the sidelines of the International Mining Conference in Riyadh
The Royal Commission for Jubail and Yanbu signed five agreements worth more than $11.5 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 Centre in Riyadh.
The agreements included the signing of the Royal Commission for Yanbu two investment agreements. The first agreement was with the Red Sea Aluminum Industrial Company to lease industrial land in Yanbu Industrial City.
The agreement was signed to establish a factory project for smelting and rolling aluminium and its alloys, 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 localisation 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 $10.2 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 electric vehicles’ batteries and renewable energy storage.
The project area is 127 hectares in size with an investment worth $901.2 million.
Increased job opportunities
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 157,000m2 to establish and operate a factory for the production of aluminum foil.
The factory will serve the local and global markets, at an investment amounting to $342 million, 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 130,000m2 will be allocated to establish and operate a factory for the production of high-density aluminum fluoride, with an investment value of $126 million, and will provide more than 127 job opportunities.
The third agreement was signed with the Petroleum Protection Services and Construction Company to allocate 10,000m2 to establish and operate a ready-mixed concrete factory for marine uses. The project has an investment value of $1.3 million and will provide 75 job opportunities. |
