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Two projects for the production of steel and drilling machinery with a combined value of around $4.6 billion are expected to be set up at the King Salman Global Maritime Industries Complex, an official was quoted on Monday as saying.
Abdullah Al-Ahmari, CEO of the International Maritime Industries Company (IMIC), which is building the Complex, said the steel plates plant could cost nearly $2.6 billion while investments in the other factory are estimated at $2 billion.
“We expect to attract additional direct investments of nearly $4.6 billion for the construction of steel plates and drilling equipment plants,” Ahmari told the Saudi Arabic language daily Aliqtisadia.
Ahmari said work on the Complex in the Eastern port of Ras Al-Khair on the Gulf is progressing on schedule, adding that the Saudi government has extended nearly $3.8 billion to support the project.
IMIC a joint venture between government-controlled Saudi Aramco, the UK Lamprell Company, the Saudi Bahri, and Hyundai Heavy Industries of South Korea.
(Writing by Nadim Kawach; Editing by Anoop Menon)