Saudi Arabia's Royal Commission for Jubail and Yanbu (RCJY) signed five investment agreements totalling more than 43 billion Saudi riyals ($11.5 billion) for projects in Yanbu Industrial City and Ras Al Khair City for Mining Industries.
The announcements were made by RCJY on its twitter account and through state-owned news agency SPA. The agreements were signed in the side lines of Future Minerals Forum 2023 in Riyadh.
Projects in Ras Al Khair City for Mining Industries
- Investment agreement with Saudi Conversion Industries Holding Company (Tahweel Holding) to lease 157,000 square metres (sqm) of land to set up a factory for the aluminium foil and rolls at a total investment of SAR1.281 billion ($341 million). The project is expected to provide more than 350 job opportunities.
- Agreement signed with Tamouh Development and Investment Company to lease 130,000 sqm of land to establish a factory for the production of high-density aluminium fluoride at an investment of SAR474 million ($126 million). The project will provide more than 127 job opportunities.
- Third agreement was signed with the Offshore Protection Construction and Services Petroleum (OPCS) to lease 10,000 sqm to establish a factory to produce ready-mix concrete factory for marine applications at an investment of SAR5 million ($1.3 million) and providing 75 job opportunities.
Projects in Yanbu Industrial City
- Agreement with Red Sea Industrial Aluminium Company (RSA) to lease 703.8 hectares of land to set up a non-ferrous foundry for casting aluminium, and its alloys and non-ferrous metals. The project will involve an investment of SAR38.168 billion ($10 billion).
- Agreement with EV Metals Arabia Company for Industry (EVM Arabia) to lease 127 hectares of land to build a Battery Chemicals Complex to produce high purity chemicals required by electric vehicle and battery cell manufacturers. The plant will be built a total investment of SAR3.375 billion ($899 million).
(Writing by Anoop Menon; Editing by Bhaskar Raj)