Ma'aden's $7.4bln Phosphate 3 project construction work launched
He also launched several development and investment projects at a ceremony attended by Minister of Industry and Mineral Resources Bandar Alkhorayef, Vice Minister for Mining Affairs Eng Khalid Al-Mudaifer, and several public and private sector officials, said a Saudi Press Agency (SPA) report.
Supported by the Shareek Program, Ma'aden's Phosphate 3 project is one of the region's largest mining ventures and aims to increase Saudi Arabia's phosphate production capacity to 9 million tons annually, including 3 million tons each from the Phosphate 1 and 2 projects.
This expansion will contribute to developing the industrial supply chain, creating more investment and employment opportunities.
The governor emphasised that these projects reflect the Saudi Vision 2030 goals of developing the mining sector and enhancing its contribution to the national economy.
He stressed that Wa'ad Al Shamal has become a model for integrated industrial cities, combining major industries, logistics services, and modern residential communities, which enhances the region's appeal to both local and international investors.
The ceremony also included the inauguration of several industrial, logistical, and service projects led by the Saudi Authority for Industrial Cities and Technology Zones (Modon), with investments exceeding SAR550 million.
The projects involve developing industrial infrastructure across 4.3 million sq m, constructing 32 ready-built units consisting of 20 factories and 12 support units totaling 45,000 sq m, establishing a 132kV power substation with a 200MVA capacity and overhead transmission lines, and building a 7-km international road link bridge.
These initiatives will improve logistics services, enhance energy reliability, and create an attractive investment environment, particularly for transformative industries linked to phosphate production.
Furthermore, Prince Faisal inaugurated the expansion of Ma'aden's residential complex in Wa'ad Al Shamal in the presence of Alkhorayef. The expansion includes three new buildings, each containing 32 residential units, totaling 96 units.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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