RCJY inks investment deals, MoUs exceeding SAR 35B

Logo of Royal Commission for Jubail and Yanbu (RCJY)

The Royal Commission for Jubail and Yanbu (RCJY) signed investment agreements and memorandums of understanding (MoUs) with a number of companies, at a value exceeding SAR 35 billion, including agreements worth more than SAR 19 billion signed on the sidelines of the Future Minerals Forum, the commission said on "X" platform. 

The agreements included the following: 

- A conditional investment agreement between the Royal Commission for Ras Al-Khair, Saudi Aramco, Baoshan Iron & Steel Co., Ltd. (Baosteel), and the Public Investment Fund, whereby the commission allocated an area of 183 hectares in Rai Al-Khair for a joint venture between Aramco and Baosteel to produce 1.5 m TPY of steel sheets, with an expected investment volume of SAR 15 billion, which will provide 1455 direct job opportunities. 

- A conditional investment agreement between the Royal Commission for Ras Al-Khair and Saudi Aramco, whereby the commission allocated an area of 150 hectares in Ras Al-Khair for Mining Industries to Aramco to produce 3.5 million tons annually of formed sulfur with an expected investment volume of SAR 1.87 billion, which will provide 900 direct employment jobs. 

- A MoU between the Royal Commission for Ras Al-Khair and Valley Co., whereby a site in Ras Al-Khair for mining industries will be allocated to the company to produce 15 million tons of iron ore annually with an expected investment volume of SAR 12 billion, which will provide 1,800 direct job opportunities. 

- A conditional investment agreement between the Royal Commission for Ras Al-Khair and Al-Fada Co. for anode production, whereby the commission allocated an area of 80 hectares in Ras Al-Khair to Al-Fada Co. to produce graphite, baked anodes, cathodes and electrodes, with a capacity of 1.43 million tons and an expected investment volume of SAR 6.75 billion, which will provide 1,200 direct jobs. 

- A conditional investment agreement between the Royal Commission for Ras Al-Khair and Al-Damegh Foundation, whereby the commission allocated an area of 11.2 hectares in Ras Al-Khair to Al-Damegh Foundation to produce 30 kilotons of railway wheels with an expected investment volume of SAR 800 million, which will provide 145 direct job opportunities.