May 25 2011 |
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Saudi Rajhi Heavy Indus To Set AED15B Steel Complex In KAEC -Report
Wednesday, May 25, 2011
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Emaar the Economic City , the developer of the King Abdullah Economic City, or KAEC, has signed a contract to rent out plots of land in the city to the local Al Rajhi Heavy Industries Co. to implement a 15 billion U.A.E. dirhams ($4.08 billion) project, Dubai-based Al Bayan daily reports Wednesday citing an executive.
The four-million-square-meter plots of land, where Al Rajhi will set up a steel manufacturing complex, will be leased for 30 years, and the complex is expected to start production in the last quarter of 2015, Fahd Al Rashid, Emaar's chief executive and managing director, told the paper.
Newspaper website: http://www.albayan.ae/economy/first/2011-05-25-1.1444046
Copyright (c) 2011 Dow Jones & Co.
25-05-11 0828GMT
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