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Waad AlShamal: Compound to Manufacture Phosphore in USD300m

Waad AlShamal: Compound to Manufacture Phosphore in USD300m

Friday, 7 December, 2018 - 10:30
Riyadh - Asharq Al-Awsat
Italmatch Chemicals S.P.A. inked a deal with SADIG Industries to establish a comprehensive chemical industrial compound for phosphate in Waad AlShamal and Jubail with investments worth USD300 million.

The deal, signed at the headquarters of the Saudi Arabian General Investment Authority (SAGIA), encompasses benefiting from crude phosphate to produce phosphor later transferred into several industries.

Sultan Mofti, deputy governor for Investment Attraction and Development at Saudi Arabian General Investment Authority, noted that the project fosters the industry sector in Waad AlShamal and creates additional opportunities in transformational industries for small and medium enterprises (SMEs) and the growth of chemicals industry in the kingdom.

Mofti affirmed that the project will have a positive impact on the national economy, and will contribute to the GDP, providing more than 300 job opportunities in the northern border region.

Sergio Iorio, CEO of Italmatch Chemicals Group, said that the project serves the vision of In-Kingdom Total Value Add (IKTVA) program to establish new local industries, adding a great value to the industry in the kingdom.

Engineer Abdullah Ahmed Bugshan, head of the board of directors at SADIG, said that the project goes in tandem with Saudi Vision 2030.

Engineer Ahmed Alobaid, executive director of SADIG, stated that the project aims to create new chemical materials in Saudi Arabia, that would empower and reinforce transformational industries.

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