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

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Saudi Gazette report

ARAR — Saudi Minister of Funding Khaled Al-Falih mentioned that the ministry is engaged on a brand new phosphate venture, costing SR33 billion, which is able to double the Kingdom’s capability of the product to develop into the third largest phosphate producer on this planet.

Addressing the primary ministerial session on the Northern Borders Funding Discussion board 2023 in Arar on Saturday, the minister mentioned that the Kingdom won’t solely convert phosphate into fertilizers, however may also convert it into superior chemical merchandise.

Al-Falih mentioned The Saudi Financial Cities and Particular Zones Authority (ECZA) is finding out the prospect of linking the border areas and free zones with neighboring nations. He hoped that the border space with Iraq in Arar would be the first free financial zone with a neighboring nation with out taxes, charges, or entry visas with a view to serve traders in each nations.

The minister famous that Northern Borders Area consists of round SR100 billion funding alternatives. “There are about 100 new funding alternatives, value SR20 billion, along with the present alternatives, that are valued at SR80 billion. The Kingdom targets investments of greater than $3 trillion in numerous sectors, together with mining, inside three years,” he mentioned whereas citing a earlier assertion of the Ministry of Funding issued in 2022.

The Northern Borders Area consists of 25 p.c of the Kingdom’s mineral wealth, with a complete worth of SR1.2 trillion, in keeping with Deputy Minister of Trade and Mineral Assets for Mining Affairs Khaled Al-Mudaifer. The Northern Border Area comprises about 7 p.c of the worldwide phosphate reserve, and the amount of funding in it quantities to about SR85 billion in two levels. The area consists of large potential for producing renewable vitality, particularly in gentle of the European and international demand to import inexperienced merchandise with low carbon depth, along with the potential of exporting electrical energy to neighboring nations akin to Iraq at a really low price, he mentioned.

Al-Qasabi: Logistics zone being established in Arar

Attending the ministerial session, Minister of Commerce Majed Al-Qasabi mentioned that work is underway to ascertain a logistics zone within the metropolis of Arar. The federal government will assist traders by granting land and offering the required financing with amenities for a interval of 20 years to serve exporters and beneficiaries within the Kingdom and Iraq.

On his half, Minister of Setting, Water and Agriculture Abdulrahman Al-Fadhli mentioned that Saudi Arabia is investing about SR150 billion within the water sector. “The federal government goals to recycle 95 p.c of waste throughout the coming interval, creating alternatives value a whole lot of billions. The water technique adopted by Saudi Arabia consists of greater than 65 initiatives and investments amounting to $20 billion over the subsequent eight years, he identified.

The Saudi Public Funding Fund and its subsidiaries intention to take a position SR4 trillion in actual property tasks within the Kingdom over the subsequent ten years, in keeping with Ahmed Al-Shanqeeti, head of the Fund’s Nationwide Improvement Packages for the Actual Property Sector and Infrastructure. “The Downtown venture within the metropolis of Arar is without doubt one of the most necessary of those tasks, which goals to develop about 10 million cubic meters of actual property in 12 cities within the Kingdom. The Downtown venture goals to create residential, resort, leisure and advertising and marketing models,” he mentioned, including that the Saudi sovereign fund goals to attain a 60 p.c native element in its actual property tasks within the Kingdom beginning in 2025, and thus creating extra alternatives for native industries.

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