Saudi Arabia Initiates $20 Billion Shipbuilding Project at Ras al-Khair
Saudi Arabia's Ras al-Khair is set to establish a ship repair and building complex, aiming to cut imports by $12 billion annually. The project, led by Saudi Aramco, is projected to create 80,000 jobs, enhancing the Kingdom's industrial capabilities.
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Ras al-Khair will see the construction of a ship repair and shipbuilding complex, with an estimated investment exceeding 20 billion riyals, initiated by Saudi Aramco. Construction is expected to commence in 2018, with commercial operations slated for 2022, aiming to reduce imports by $12 billion annually and generate 80,000 jobs.
Concurrently, a $35 billion mining and minerals processing complex was inaugurated, featuring multiple facilities including a $5.6 billion phosphate complex and a $10.8 billion aluminium plant. This development supports the Kingdom's goal to increase the mining sector's GDP contribution to 240 billion riyals by 2030 from a current 64 billion riyals.
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