Saudi targets $58bln in metal industry investments in northern region

Saudi targets $58bln in metal industry investments in northern region

Saudi Arabia expects its minerals-rich Northern region to attract investments exceeding 220 billion Saudi riyals ($58 billion) in metal industries in the coming decade, a government official was reported on Monday as saying.

The Northern areas in the world’s largest oil exporter are home to nearly a quarter of the country’s mineral wealth, with an estimated value of SAR1.2 trillion ($320 billion), said Khalid Al-Medaifir, Undersecretary of the Industry and Mineral Resources Ministry.

Addressing an investment conference in the Northern Arar city on Sunday, Medaifir said there are plans to develop massive metal industries in North.

“Metal industries in North Saudi Arabia will be the pillar of plans to set up a minerals industrial base with expected investments of at least 220 billion until 2035,” he said in his remarks, published by the Saudi Aleqtisadia and other Saudi newspapers on Monday.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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