The Royal Commission for Jubail and Yanbu signs 5 investment agreements worth more than 43 billion riyals
The Royal Commission for Jubail and Yanbu signed five agreements worth more than 43 billion riyals to establish projects in the cities of Ras Al-Khair for Mining Industries and Yanbu Industrial City, 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 in Yanbu two investment agreements, the first with the “Red Sea Aluminum Industrial Company” to establish a factory project for smelting and “rolling” aluminum, in addition to casting non-ferrous metals, to contribute to filling the needs of the local, regional and global market, and the project area reached 703.8 hectares. With an investment size of 38.17 billion riyals.
The project is expected to provide 5,517 job opportunities to contribute to mining infrastructure projects through the port for distributing mineral raw materials, which is a strategic gateway to access global markets, according to the Saudi Press Agency, SPA.
The second agreement is with EV Metals (EVM) 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 cars and renewable energy storage. The project area is 127 hectares, with an investment volume of 3.37 billion riyals.
While the Royal Commission in Ras Al-Khair City for Mining Industries signed 3 investment agreements, the first with the “Saudi Manufacturing Industries Holding Company”, to allocate an area of 157 thousand square meters to establish and operate a factory for the production of aluminum foil and coils in Ras Al-Khair City for Mining Industries, as the project will become an added value for its use of materials The initial investment is from “Ma’aden” company, and it serves the local and global markets, with a total investment of 1.281 billion riyals, and it is expected to provide more than 350 job opportunities.
An agreement was also signed with the “Tamouh Development and Investment Company” to allocate a land of 130,000 square meters to establish and operate a factory for the production of high-density aluminum fluoride, with an investment value of 474 million riyals, and it will provide more than 127 job opportunities.
The third agreement was signed with the Petroleum Protection Services and Construction Company to allocate a site with a total area of 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 size of 5 million riyals and will provide 75 job opportunities.
