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Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed a memorandum of understanding (MoU) with a joint venture between Switzerland-based Valcambi Suisse and Riyadh-headquartered Ajlan & Bros to establish a collection, distribution and recycling centre in the Integrated Logistics Bonded Zone (ILBZ) in Riyadh.
The special economic zone, launched in October 2022, is located near King Khalid International Airport in Riyadh.
Valcambi and Ajlan & Bros Mining is building a state-of-the-art refining facility in Saudi Arabia for precious metals and Platinum Group Metals (platinum, palladium, rhodium and iridium) with capacity of 250 tonnes per annum.
GACA’s Arabic language press statement in Arabic said that part of the JV’s operations is located in ILBZ.
In July 2022, Arab News had reported that the $2 billion refinery would be built in phases. The first phase, worth $300 million, is scheduled to be fully operational by the end of 2024.
The statement said the authority also signed an MoU with Chinese security technology giant HIKVISION to set up a light assembly facility for the region in ILBZ.
Saudi Arabia’s Ministry of Transport & Logistics Services (MOTLS) is targeting to grow the share of logistics sector in the Kingdom’s GDP from six percent to 10 percent by 2030.
(Writing by D Madhura; Editing by Anoop Menon)
