Al-Falih: SR33b phosphate project will make KSA 3rd largest phosphate producer in the world

Al-Falih: SR33b phosphate project will make KSA 3rd largest phosphate producer in the world

Saudi Gazette reportARAR — Saudi Minister of Investment Khaled Al-Falih said that the ministry is working on a new phosphate project, costing SR33 billion, which will double the Kingdom’s capacity of the product to become the third largest phosphate producer in the world.Addressing the first ministerial session at the Northern Borders Investment Forum 2023 in Arar on Saturday, the minister said that the Kingdom will not only convert phosphate into fertilizers, but will also convert it into advanced chemical products.Al-Falih said The Saudi Economic Cities and Special Zones Authority (ECZA) is studying the prospect of linking the border areas and free zones with neighboring countries. He hoped that the border area with Iraq in Arar will be the first free economic zone with a neighboring country without taxes, fees, or entry visas in order to serve investors in both countries.The minister noted that Northern Borders Region includes around SR100 billion investment opportunities. “There are about 100 new investment opportunities, worth SR20 billion, in addition to the existing opportunities, which are valued at