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Wed 5 Jan 2011 12:21 PM

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Saudi Arabia to build world’s largest gold factory

The 22,000 sq m factory in Jeddah will employ up to 800 people and be operational by the end of 2011

Saudi Arabia to build world’s largest gold factory
GOLD FACTORY: Around 800 jobs will be created by the factory, once it is fully operational

Saudi
Arabia, the Arab world’s wealthiest economy, is to open the world’s largest
gold factory in Jeddah by the end of the year.

The
factory will span 22,000 sq m and is already under construction in Jeddah, said
the CEO of Taiba for Gold and Jewels Co, the firm behind the plan.

"The
factory will become a reality by the end of this year," Essam Aziz Sultani
Al Ashrafi, told Arab News.

Around
800 jobs will be created by the factory, once it is fully operational, Al
Ashrafi said.

Saudi
Arabia is one of the world’s largest consumers of gold. In June last year, the
World Gold Council reported that gold reserves held by the Saudi Arabian
central bank more than doubled from 143 tons to 322.9 tons.

The
kingdom currently holds the largest reserve of gold in the Arab world.
Globally, the Saudi ranks sixteenth, ahead of the United Kingdom, Spain,
Austria, Belgium, Singapore, and Sweden. Only 13 other national central banks,
the International Monetary Fund, and the European Central Bank have higher
reported reserves.

Taiba
has been operating in the market for over 25 years and distributes to over
2,500 stores across the kingdom.

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