Saudi Arabia sets up $6.9bn mining city in the north

JEDDAH (Saudi Arabia): Apart from new sources of wealth, Saudi Arabia is planning to boost its earnings from the mining sector.
The country has decided to invest USD 6.9bn in the new industrial zone for mining companies in the north.
The cabinet has given a green signal to the plan to set up the new North WA'AD City for mining industries, the feasibility study of which has already been conducted by the Saudi Mining Firm, Maade.
An integrated mining city, in the northeast of Turaif, will be established in three years as planned for which the country has allocated 440 sq km land.
Commenting to the decision, oil minister Ali Al Naimi has said the plan is to add about USD 40 crore annually to the country’s gross domestic product.