Gulf kingdom set to invest billions in new industrial zone for mining companies
Saudi Arabia is planning to invest SR26bn ($6.9bn) in a new industrial zone for mining companies in the north of the country.
The project will contribute about SR15bn annually to the country’s gross domestic product, oil minister Ali Al Naimi said in comments published by the Saudi Press Agency.
The project has been given backing by the Cabinet and will be established as the North WA'AD City For Mining Industries.
Al Naimi said the City project was considered as fulfillment of the promise made by King Abdullah to citizens of Northern Borders region that it would share in prosperity and development.
Saudi mining giant Maaden has conducted initial feasibility studies over three years to set up an integrated mining city, northeast of Turaif, SPA said.
Saudi Arabia has allocated land comprising 440 sq km for the city, it added.
The article would have benefited greatly had you mentioned what material will be mined and what type of mining will be undertaken e.g. surface or deep? A little background on what is currently being mined would also have given some context to the report.
