RCJY signs 5 agreements for investment projects worth SAR 43 bln

RCJY officials at Future Minerals Forum

The Royal Commission for Jubail and Yanbu (RCJY) signed five agreements worth more than SAR 43 billion to establish projects in Ras Al-Khair Industrial City and Yanbu Industrial City.

These deals were signed on the sidelines of the Future Minerals Forum held at the King Abdulaziz International Conference Center in Riyadh, Saudi Press Agency reported.

In details, the Royal Commission in Yanbu signed an investment agreement with the Red Sea Industrial Aluminum Co. to lease an industrial land in Yanbu Industrial City, to set up a plant for smelting and rolling aluminum and its alloys, in addition to casting non-ferrous metals. The project will be built over an area of 703.8 hectares, with an investment value of SAR 38.2 billion. It is expected to provide 5,517 job opportunities.

Furthermore, the Royal Commission in Yanbu signed an agreement with EVM Group to lease an industrial land to establish a complex for the production of high-purity chemicals required for active materials in the cathode rechargeable lithium-ion batteries for electric vehicles and renewable energy storage. The area of the project is 127 hectares, with an investment value of SAR 3.38 billion.

Moreover, the Royal Commission in Ras Al-Khair Industrial City signed three investment agreements with Tahweel Holding Group (Saudi Holding Company for Conversion Industries), under which 157,000 square meters (sqm) will be allocated to establish and operate a plant for the production of aluminum foil and coils in Ras Al-Khair Industrial City. The project will use raw materials from Saudi Arabian Mining Co. (Maaden), with investments of about SAR 1.28 billion, and it is expected to create over 350 job opportunities.

The Royal Commission in Ras Al-Khair Industrial City also signed an agreement with Tamouh Investments LLC to allocate a 130,000 sqm land plot, to establish and operate a plant for the production of high-density aluminum fluoride, with an investment value of SAR 474 million. The project will provide more than 127 job opportunities.

An agreement was also signed with Petroleum Protection Services and Construction Co. to a 10,000 sqm site to establish and operate a ready-mixed concrete plant for marine uses, which will support the port and marine industries sector with an investment value of SAR 5 million. This will create 75 jobs.