Saudi King to inaugurate ‘Ras Al Khair’, a $35 billion minerals and commodities complex today

<p>Saudi Arabia&rsquo;s King Salman is scheduled to inaugurate a $35 billion minerals and commodities complex called &lsquo;Ras Al Khair&rsquo; in the Eastern Province on Tuesday November 29, according to a report by Saudi Gazette. This would be one of the most ambitious industrial city projects in the Gulf region.<br />&nbsp;<br />Ras Al Khair took 10 long years to complete and the complex is expected to play a key role in Saudi&rsquo;s effort to divert the economy towards key non-oil industries. The project is a part of the kingdom&rsquo;s Vision 2030 economic diversification strategy.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/ras-al-khair-night-2013.jpg" alt="News" width="512" height="226" /><br />Saudi Arabia has an objective to build the entire industrial value chains locally to develop a complete industry and the kingdom being the home for integrated mining company Maaden&rsquo;s integrated aluminium and phosphate operations helps in the development.<br />&nbsp;<br />According to the Saudi Gazette report, the new industrial city comprises aluminium and phosphate production facilities and the supporting infrastructure which includes a 1,400-kilometer railway connecting the city to the main mines in the country, a key port facility for shipping the output to various destinations and one of the world&rsquo;s largest desalination and power plants. The city also has a fully functioning village for the industrial workers.<br /><br />{googleAdsense}<br />&nbsp;<br />Among the industrial facilities in the city, there is an aluminium refinery, smelter and rolling mill operated by Maa&rsquo;den Aluminium which is a $10.8 billion joint venture between Saudi Arabia&rsquo;s Maa&rsquo;den and Alcoa. It also includes a recycling plant for drinks cans. The project has already provided 3,733 new jobs out of which 65% is held by Saudi citizens.<br /><br />Maaden Aluminium&rsquo;s mine is located in the north of the country, while its multi-plant facility at Ras Al Khair consists of an alumina refinery, smelter, rolling mill and one of the largest recycling facilities for beverage cans in the Middle East and North Africa region.<br /><br />Maaden also operates a phosphate fertiliser plant at Ras Al Khair, in a joint venture with the Saudi Basic Industries Corporation (SABIC). The commodities complex and the $800 million port at Ras Al Khair, developed by Saudi Ports Authority are situated at close proximity.<br /><br />According to Maaden CEO Khalid Al Mudaifer the substantial capital invested by companies such as SABIC and Alcoa demonstrates of the potential of the kingdom&rsquo;s mining sector.<br /><br />&ldquo;Ras Al Khair is the anchor of the Saudi mining sector and as such it will play a significant role in the economic diversification of the Saudi economy,&rdquo; he said.<br /><br />The complex has already provided 12,000 direct jobs and tens of thousands more indirect jobs to Saudi nationals.<br /><br />&ldquo;Saudi Vision 2030 seeks to increase the industrial development of mineral resources in Saudi Arabia while ensuring that the entire mining value chain is captured within the kingdom so we can deliver maximum value and job growth,&rdquo; he added. <br /><br /></p>