Saudi Arabia Launches $20 Billion Shipbuilding Project at Ras al-Khair
Saudi Aramco is initiating a shipbuilding and repair complex in Ras al-Khair with an investment exceeding 20 billion riyals. The project aims to generate 80,000 jobs and cut annual imports by $12 billion.
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Saudi Arabia's Ras al-Khair will host a shipbuilding and repair complex initiated by Saudi Aramco, with construction set to begin in 2018 and operations starting in 2022. The investment exceeds 20 billion riyals, targeting a reduction in imports by $12 billion per year and the creation of 80,000 jobs.
In parallel, a $35 billion mining and minerals processing complex has been launched, which includes a $5.6 billion phosphate facility and a $10.8 billion aluminium plant. This initiative is part of a broader strategy to boost the mining sector's GDP contribution from 64 billion riyals to 240 billion riyals by 2030, highlighting significant economic diversification efforts.
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