More than
30 agreements worth 280 Billion Dollas signed between Saudi Arabia and The USA
Most of the deals will start bringing their fruits in five years..
Arabic News: Government Efforts to Engage Small and Medium local Enterprises in the Economy Process
Al-Watan Newspaper / # Urgent Saudi Foreign Minister:
Relations between Washington and Riyadh will develop into a strategic partnership.
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Memoirs of partnership between
Mosaic and
Alcoa strengthen the capabilities of the mining sector
In the presence of the king and Trump .. "Ma'aden" concludes memorandums of understanding with its American partners
Khalid Bin Saleh Al Madefer, Chairman and CEO of Ma'aden, said that more than 7,000 employees of the company feel proud and proud of the care and support they receive from Ma'aden and the mining sector from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, supported by God and his wise government.
This came in a press statement to Eng. Madifer following the signing of two memorandums of understanding with its strategic partners Alcoa and Mosaic in the presence of the Custodian of the Two Holy Mosques and US President Donald Trump during the meeting of the Saudi American CEO Forum held in Riyadh on 20 May 2017 under the slogan " "Under the patronage of the Custodian of the Two Holy Mosques, God supported him. He added that the signing of the partnership notes with Mosaic and Alcoa enhances the capabilities of the Saudi mining sector and its promising role.
He added that the state sponsorship of the mining sector, the third pillar of the Saudi industry, has contributed to the leadership of Ma'aden locally and internationally. It has become one of the top 10 mining companies in the world and enjoys strategic partnerships with the world's leading mining companies including Alcoa and Mosaic, Which strengthens the strategic relations between the Kingdom and America. The Public Investment Fund (PIF), the largest shareholder in Ma'aden, has been instrumental in achieving this leadership.
Maaden signed a memorandum of understanding (MoU) with Mosaic in the framework of developing their strategic partnership in the phosphate industry in the Kingdom, which was launched in Ma'aden and the North Phosphate Promise, which is nearing completion. Maaden and Mosaic have invested approximately SAR 30 billion with their partner SABIC.
Maaden has already announced the establishment of the third phosphate project after its assemblies in Ras al-Khair and the North Promise, which is scheduled to begin implementation in 2018 stages until completion in 2022.
He said that the expected investment volume in the new project is about 244 billion Saudi riyals, and is expected to add about SR 9 billion annually to the Saudi GDP, in addition to providing about 7,000 direct and indirect jobs.
He added that the project will add an estimated 3 million tons of phosphates annually after completion of the project. The Kingdom's production will be about 9 million tons per year of phosphate fertilizers, enhancing its role as the largest producer in the world, which also confirms Ma'aden's commitment to the optimal investment of natural resources. In the Kingdom where the Kingdom's phosphate reserves account for about 7% of the world's phosphate reserves.
Maaden signed a Memorandum of Understanding (MoU) with Alcoa in the framework of the partnership development to study the expansion of the aluminum smelter capacity in their joint venture Ma'aden Aluminum Complex in Ras Al Khair Industrial City in Saudi Arabia, one of the largest integrated aluminum facilities in the world. Which contributed about 40.5 billion riyals, in which Alcoa contributed 25.1 per cent. Maaden owns 74.9 per cent, which contributed to the provision of 3,500 direct jobs and more than 12,000 indirect jobs, contributing more than 15 billion riyals a year to Saudi Arabia's GDP.
He said that the volume of investments expected in the aluminum sector in the company is about 13 billion Saudi riyals, and if completed in 2021, the production of aluminum metal will be about 600 thousand metric tons per year, while providing more than 3000 direct and indirect jobs.
The Chairman and Chief Executive Officer of Ma'aden highlighted the company's strong financial performance and operational efficiency, which was reflected mainly in the development of its various operations and its multiple partnerships with the world's mining industry leaders, indicating that Ma'aden is proud of its significant contribution to the establishment of Ras Al Khair and North Industrial City Success Partners - As a starting point for Saudi Arabia's promising mining sector to achieve the vision of Saudi Arabia 2030 by contributing to diversifying the sources of the Saudi economy and providing rewarding job opportunities for the Saudi youth and developing their capabilities according to the objectives of the National Transition Program 2020.
He pointed out that the new phase carries added value to the company's activities and aims to expand international partnerships, localize technology and enhance its operational excellence to achieve the desired objectives of its effective leadership of the mining sector in the Kingdom. The company has the unique capabilities of supporting the main shareholder, the public investment fund, the company's administrative and technical team, the cohesion and integration of the company's operations, the diversity of its operations, the strong strategic partnerships, the availability of mineral resources and the availability of basic infrastructure supported by the government. The North promised.
Https://sabq.org/ In the presence o...Memo-Understanding-with-its-American partners
