Skip to content Skip to Search
Skip navigation

Saudi Arabia to build three iron and steel projects worth $9.3bn

Person, Human, Audience Twitter: SIIS_KSA
Saudi Arabia's national plan for structuring the iron and steel sector contains 41 recommendations to enable and sustain the industry.
  • Ministry working on reducing imports by 50 percent
  • Reviewing and approving 16 policies and legislation under process

Saudi Arabia is building three iron and steel manufacturing factories worth SAR 35 billion ($9.31 billion) with a combined capacity of 6.2 million tonnes, the Saudi Press Agency reported, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef.

The construction of an integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is among the three projects. The complex will focus on shipbuilding, oil pipes and platforms and oil reservoirs.

Al-Khorayef said that a new project is being negotiated with international investors: an integrated iron surface production complex with an annual capacity of four million tonnes of hot rolled iron, one million tonnes of cold rolled iron and 200,000 tonnes of tin-plated iron and other products.

The complex will benefit the automotive, food packaging, household appliances and water transportation pipe sectors.

Additionally, a factory will be established to produce circular iron blocks with an estimated production capacity of one million tonnes per year, catering to the oil and gas industry’s unwelded iron pipes.

The minister emphasised that the national plan for structuring the iron and steel sector contains 41 recommendations to enable and sustain the industry.

These include reviewing and approving 16 policies and legislation, as well as collaborating with the private sector on several long-term solutions, such as establishing an iron academy and a research and development centre.

Furthermore, the ministry is working on reducing imports by 50 percent, with an emphasis on maintaining a financially and operationally sustainable sector and ensuring the availability of critical supply chains such as iron ore.

Latest articles

The Saudi government is trying to raise home ownership among nationals to 70 percent of the population by 2030, which is helping to drive up residential property prices

Residential price rise counters slip in Saudi commercial property

Residential property was the driving force behind a rise in Saudi Arabian real estate prices in the first quarter of 2024 as prices of commercial real estate fell, government statistics released this week showed.  The overall real estate price index rose by 0.6 percent compared with the same quarter in 2023. But while there was […]

Residents in Muscat. Oman's government is taking steps to increase the size of its debt market

Sukuk takes bigger slice of Oman’s shrinking debt market

Oman’s total debt capital market contracted by 7 percent to $44 billion last year as the government took advantage of its budget surplus from higher oil and gas prices to make early payments. The energy boon helped its budget surplus total $2.4 billion. Despite the shrinking debt market Fitch Ratings said sukuk issuance in Oman […]

Marcel Ciolacu, Romania's PM, speaks to reporters in Rome. He is now in Qatar for trade talks

Romania touts $16bn of opportunities as PM visits Qatar

Romania is looking to secure €15 billion ($16 billion) of investment from Qatar during a visit by its prime minister, Marcel Ciolacu. He is set to hold talks with Qatar’s prime minister and minister of foreign affairs, Mohammed bin Abdulrahman bin Jassim Al Thani. Ciolacu is also due to have discussions with representatives of Qatar […]

The under-construction Zayed National Museum in Abu Dhabi

UAE wealth fund ADQ buys stake in Abu Dhabi builder

UAE sovereign wealth fund ADQ is acquiring a stake in the construction company building the Guggenheim and Zayed National museums in Abu Dhabi. Alpha Dhabi Holding (ADH), an investment holding company, announced in a filing to the Abu Dhabi Stock Exchange on Tuesday that it will divest 49 percent of its subsidiary Alpha Dhabi Construction […]