RIYADH, 8 January 2007 -- Saudi Arabia will have a new SR1.5 billion mining company following the signing of a memorandum of understanding here yesterday by Rakisa Holding Company, the lead developer of the Prince Abdulaziz ibn Musaed Economic City in Hail, with a consortium of BNP Paribas and BMG Financial Advisors. The latter will provide advisory and consultative services for launching of the company, which will be called North Mining Company.
Speaking on the occasion, Abdullah Al-Rakhis, chairman of Rakisa Holding Company, said "the signing of the MOU was in line with the general strategy of the company to invest in the resources of the region."
He said "the studies we have conducted for the economic city in Hail anticipate an annual growth rate of 9.1 percent in mining-related investments." That would turn the Northern Region into a hub of manufacturing as well as another center for Saudi mining.
By M. Ghazanfar Ali Khan
© Arab News 2007
