Manufacturing Saudi mining firm to invest $319m to build four factories By Pramod Kumar January 13, 2023, 5:55 AM Unsplash.com The company’s expansion will allow it to introduce new product lines Saudi Arabia’s Astra Mining is planning to build four new factories over the next five to seven years at an investment of up to SR1.2 billion ($319 million), Arab News reported, citing CEO Ali Al-Jabrah. He stated that the company owns a land bank of 92,000 square meters that can take up to five factories. Founded in 2011, Astra Mining operates a factory in Al Kharj Industrial City, producing calcium oxide, calcium hydroxide, and dololime. Al-Jabrah said that the expansion plans will require an investment ranging from SR800 million to SR1.2 billion. The company’s expansion will also allow it to introduce new product lines that will depend on the mineral resources provided. Astra Mining has been producing 100,000 metric tons of industrial minerals annually since its inception and has recently expanded to 280,000 metric tons per year. Earlier Saudi mining minister Bandar bin Ibrahim Al-Khorayef said that the kingdom has unused mineral resources worth about $1.33 trillion, with vast quantities of aluminium, phosphate, gold, copper and uranium.
Energy Masdar gets contractors on board for $6bn energy project Abu Dhabi Future Energy Company (Masdar) has selected the suppliers and preferred contractors for the $6 billion renewable facility capable of providing energy at scale around the clock in the emirate. Bombay stock exchange-listed Larsen & Toubro and China state-owned PowerChina are the preferred engineering, procurement and construction (EPC) contractors. China-headquartered Jinko Solar and JA […] 12 hours ago
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Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 2 days ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 2 days ago
