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The Royal Commission for Jubail and Yanbu (RCJY) announced on Wednesday that it has signed investment agreements worth more than 41 billion Saudi riyals ($11 billion) on the side lines of Future Minerals Forum 2023 in Riyadh.
RCJY signed an agreement worth SAR 38 billion with Red Sea Industrial Aluminium Company (RSA) to set up a non-ferrous foundry for casting aluminium, and its alloys and non-ferrous metals. The project will target local and global markets and create approximately 5,517 job opportunities.
The second agreement is for lease of industrial land with EV Metals Arabic Industrial Company for the production of high purity chemicals required for active ingredients in the cathode of electric vehicles, and renewable energy storage, according to infographics tweeted by RCJY.
The project aims to develop a Saudi supply chain of raw materials required in rechargeable batteries of EVs and position the Kingdom as a hub for diversifying supply chain and build processing capacity outside of China.
(Writing by Anoop Menon; Editing by Bhaskar Raj)
