IRON HUB: Factory will produce 150,000 tonnes of steel products to be used to manufacture refrigerators, generators, panels and roofs
SALALAH: The Salalah Free Zone (SFZ) has signed a usufruct agreement with steel industries plant, worth $500 million in gulf investment, with a 150,000 tonnes production capacity per annum.
The agreement was signed by Ali bin Mohammed Tabouk, CEO of SFZ, and Ahmed al Shaheen, Board Chairman of the National Company Complex in the Kingdom of Saudi Arabia.
Ali bin Mohammed Tabouk said the project is a significant leap for investments in the region, pointing out that the plant will use the latest technology and innovative engineering designs that will help in reducing the construction cost to 20 per cent and time to 50 per cent in projects related to steel products.
He added that 65 per cent of the factory’s production will be exported to the regional markets and it will manufacture various steel products that are used in the manufacture of refrigerators, generators, panels, steel roofs, heavy structures for large commercial and residential buildings, bridges, commercial complexes, factories and gas stations.
A statement by SFZ said that the construction of the project will start in the first quarter of 2020 and will create 500 direct jobs. — ONA
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