Ras Al Khair to contribute $9 bln annually to non-oil GDP: report

Saudi Arabia’s King Salman is scheduled to inaugurate on Tuesday the $35 billion Ras Al Khair industrial city project, a multi-commodity minerals hub located in the Eastern Province, Saudi Gazette reported.

Ras Al Khair is set to generate thousands of jobs directly and indirectly for the local workforce, contributing $9 billion annually toward Saudi Arabia’s non-oil GDP, it was reported.

The project houses the Maaden Aluminum complex, a SAR 40.5 billion joint venture (JV) between Maaden and Alcoa; the Maaden Phosphate Company, a SAR 21 billion JV with SABIC; and a desalination and power plant billed to be among the world’s largest.

The Ras Al Khair city is connected to the main mines in the kingdom by a 1,400 km railway, and also includes a SAR 3 billion port built to export petrochemical, phosphate, and aluminum products manufactured at nearby facilities.