Saudi Arabia invests $ 6 billion in a complex of steel and metal for auto electric

The Saudi Ministry of Industry and Mineral Resources announced that it has provided $ 6 billion for a steel sheet complex and battery metal factory for auto electricity, as part of plans to attract $ 32 billion in mining investments.

The Minister of Industry and Mineral Resources Bandar Al-Khorayef said, according to a report by “Reuters”, today, Friday, that the objective of the ministry is to finance 9 projects for minerals and metals.

The nine projects include a complex in $ 4 billion sheet steel for shipbuilding, oil and gas, construction and defense projects and a complex in “green” steel, which will supply automobiles, food packaging, machinery and equipment and other industrial sectors.

Both projects are already in course, as well as the $ 2 billion Electric Battery Metal Factory.

Al-Khorayef added that the projects will provide more than 14,000 job opportunities, noting that the ministry is now reviewing 145 exploration license applications from foreign companies.

He stressed that the investments will continue to make the Kingdom a hub for manufacturing, mining and logistics in a region that extends from Africa to Asia and will also support the transformation of the Saudi mining sector in so that it can reach its maximum potential.

Interestingly, Saudi Arabia signed a purchase agreement last month for between 50,000 and 100,000 auto electric in a 10 year period from Lucid Group, in in which the Saudi Public Investment Fund has a majority stake.

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