Saudi’s National Steel to build SAR 1.8 bln iron complex in Oman

Saudi Arabia’s National Steel Co. has signed an agreement with Salalah Free Zone Company (SFZ) to build Oman’s largest iron industries complex with an estimated investment of $500 million (SAR 1.8 billion) in Salalah Free Zone.

The agreement was signed by Ali bin Mohammed Tabouk, CEO of SFZ and Sheikh Ahmed Al Shahin, chairman for National Steel Company in Riyadh.

The construction for the new iron industries complex project, which will create 500 direct jobs, will begin in the first quarter of 2020, SFZ said in a statement.

The complex will have a capacity to manufacture 150,000 tons of iron products, and will use latest technology and engineering designs to reduce construction costs by up to 20 percent.

“More than 65 percent of the factory’s production will be exported to the regional markets as the plant will produce various steel products that are used in the manufacture of refrigerators, generators, panels, steel roofs, and heavy structures for large commercial and residential buildings,” Tabouk said.