Saudi King Salman on Thursday inaugurated the Waad Al-Shamaal mining project which is expected to boost the Kingdom’s gross domestic product by SAR 24 billion, and the non-oil GDP by around three percent, Reuters reported, citing an official statement.
The SAR 85 billion project, a 440-square km city for mining industries in the country’s northern region, is meant to support the Kingdom in becoming one of the world’s biggest phosphate producers by 2024.
Saudi Energy Minister Khalid Al-Falih disclosed that the Kingdom's investments during the first phase of the Waad Al-Shamaal project amounted to SAR 55 billion, adding that SAR 31 billion represents the Saudi investments which include phosphate fertilizer plant with a capacity of three million tons annually.
He affirmed that when the second phase is completed, the Kingdom's production will rise to nine million tons annually, making it the world's second-largest producer of phosphate fertilizers in addition to enhancing the national income.
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