Saudi Arabia is continuing to expand its economy through diversification. Saudi Gazette runs a release from the Saudi Press Agency (SPA) noting that all concerned ministries and corporate entities are lined up to support the development of a new ‘Mining City’ in the north of the country. A report from the Delegation for German Industry in Saudi Arabia and Yemen (AHK) notes that SR26 billion (US $7.7 billion) is being made. The city, near the Saudi border with Jordan, will produce phosphates and derivative products and ship them by rail to Ras Al-Khair Port in the Eastern Province. When operating, the City is expected to bring in SR15 billion (US $4 billion) annually.

There are a lot of jobs involved in creating, populating, and operating such a massive endeavor. Let’s hope that most of the jobs go to Saudis and not just manual laborers brought in from third world countries.

Ministers pledge to support upcoming mining city in north

RIYADH – The ministers of finance, commerce and industry, water and electricity, and labor have emphasized the importance of the newly planned ‘Waad’ Mining City in the Northern Border region and pledged all-out support to make it a reality.

Speaking to Al-Jazirah Arabic daily, Minister of Finance, Dr. Ibrahim Abdulaziz Al-Assaf said the city would contribute to the Kingdom’s efforts to diversify resources and boost the national economy.

“We’ll support this project by allocating the money required for its infrastructure facilities,” Al-Assaf said.
Minister of Water and Electricity Abdulah Bin Abdulrahman Al-Hussayen said his ministry would support the new city by providing it with a high voltage power network backed by transformers.

“We will also make optimum use of groundwater to meet residential and industrial water requirements,” he added.
Minster of Labor Adel Fakieh said his ministry would work with the Ministry of Petroleum and Minerals and Maaden Company to meet the city’s manpower requirements by training Saudis to take up important positions there.

Minister of Commerce and Industry Dr. Tawfiq Al-Rabeah said the Saudi Industrial Property Authority (Modon) would design the new city and its residential and commercial areas.

“We’ll make every effort for the successful implementation of this vital project.”

The Waad Mining City, to be located northeast of Turaif, will attract an initial investment of SR26 billion.

February:28:2012 - 07:53 | Comments & Trackbacks (5) | Permalink
5 Responses to “Saudis Continue Economic Diversification”
  1. 1
    News – 2012.02.28 | SBRIS Pinged With:
    February:28:2012 - 13:25 

    [...] Saudis Continue Economic Diversification: CROSSROADS ARABIA [...]

  2. 2
    News – 2012.02.28 | SUSRISbiz Pinged With:
    February:28:2012 - 13:31 

    [...] Saudis Continue Economic Diversification: CROSSROADS ARABIA [...]

  3. 3
    News – Saudi Arabia – 2012-02-28 | ArabiaLink Pinged With:
    February:28:2012 - 13:54 

    [...] Saudis Continue Economic Diversification: CROSSROADS ARABIA [...]

  4. 4
    News – 2012.02.28 | SaudiGrok Pinged With:
    February:28:2012 - 14:00 

    [...] Saudis Continue Economic Diversification: CROSSROADS ARABIA [...]

  5. 5
    News – 2012.02.28 | SUSRIS Pinged With:
    February:29:2012 - 13:05 

    [...] Saudis Continue Economic Diversification: CROSSROADS ARABIA [...]

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

antalya escortizmir escort
  • Advertising Info

    Interested in sponsoring Crossroads Arabia? Contact me for more information.

  • Copyright Notice

    All original materials copyright, 2004-2014. Other materials copyrighted by their respective owners.

    The fact that this blog permits one to use RSS to read content does not constitute permission to republish content. All requests for republication must be submitted through the Contact form on the menu above. Violations of copyright will be dealt with through applicable law.