Saudi Arabia: SR63Bn Maaden Investment Big Boost For Mining Sector
By Arab News
Total investment of Saudi Arabian Mining Company (Maaden) has reached SR63 billion, its CEO Khaled bin Saleh Al-Mudaifer announced yesterday during a meeting with Riyadh Gov. Prince Sattam.
Al-Mudaifer briefed the governor on Maaden’s projects and its efforts to develop the Kingdom’s mining sector through large-scale investment and transfer of advanced technology.
“Maaden plays an important role in diversification of resources, creating jobs for young Saudis and development of remote areas,” the CEO told Prince Sattam, adding that about 63 percent of its workers are Saudi.
He disclosed plans to establish an institute of mining in the Northern Border Province. The move aims at supporting the King Abdullah Mining City in the province, which is set to receive SR26 billion in preliminary investments including the setting up of a SR21 billion phosphate company.
The government would spend SR4.5 billion on building the infrastructure of the city covering an area of 440 sq. km, northeast of Turaif, a senior official said, adding that it would add SR15 billion to the country’s gross domestic product. The city will have a railway and an electricity supply system. Three wharfs will be constructed in Ras Al-Khair Port as part of the project.
