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China’s Zhejiang Hailiang Company and Saudi Arabia’s Rawas have signed an agreement to establish a high-end copper products intelligent manufacturing plant in the Kingdom.
The Shenzen stock exchange-listed Zhejiang Hailiang is a subsidiary of Hailiang Group, one of the world's largest copper pipe manufacturers and exporters.
Hailiang said in a Chinese language press statement that the project carries an estimated investment value of approximately $566 million and will be implemented in two phases.
Products will include copper tubes, copper bars, recycled copper refining, and copper foil.
“The project will fully leverage Saudi Arabia’s local copper ore resources, energy cost advantages and regional policy incentives to serve markets across the Middle East, Europe and Africa,” the statement added.
The projects location in Saudi Arabia and construction timelines were not disclosed but Rawas' website lists Neom, Yanbu and Jubail as future manufacturing sites for its projects.
The Riyadh-headquartered strategic investment and development company counts Obeikan Investment Group and Al Khorayef Group among its founding shareholders. Other partners listed by the press statement include Al Muhaidib Group (AMG) and Mohammed Abunayyan Investment Group (MAIG).
(Writing by SA Kader; Editing by Anoop Menon)
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