Ras Al-Khair investments ‘highlight potential of Saudi mining sector’

Ras Al-Khair port, developed by the Saudi Ports Authority, is one of the most modern in the world and was built to serve as an export hub for petrochemical, phosphate and aluminum products created at nearby processing facilities.
Updated 26 November 2016

Ras Al-Khair investments ‘highlight potential of Saudi mining sector’

JEDDAH: The significant amount of capital invested by top firms such as Saudi Basic Industries Corp. (SABIC), Alcoa and The Mosaic Company in Ras Al-Khair clearly demonstrates the quality and potential of the Kingdom’s mining sector, Saudi Arabian Mining Co. (Maaden) CEO Khalid Al-Mudaifer told Arab News.

“Ras Al-Khair is the anchor of the Saudi mining sector and as such it will play a significant role in the economic diversification of the Saudi economy,” he added.
Ras Al-Khair, a $35 billion multi commodity minerals hub located in the Eastern Province, has been an ongoing initiative for over 10 years.
Custodian of the Two Holy Mosques King Salman will formally inaugurate Ras Al-Khair’s various key facilities on Tuesday.
According to Al-Mudaifer, Maaden is proud of the fact that Ras Al-Khair has already delivered 12,000 direct job opportunities and tens of thousands more indirect jobs for ambitious young Saudi nationals.
“The city now acts as the center of excellence for Saudi mining and our facilities here will ensure that in the future a diverse array of high quality Saudi mining products will continue to successfully penetrate local, regional and global markets,” said the CEO.
He asserted that Ras Al-Khair would continue to have a big role to play in achieving the goals of Saudi Vision 2030 and the National Transformation Program 2020.
The CEO said: “Saudi Vision 2030 seeks to increase the industrial development of mineral resources in Saudi Arabia while ensuring that the entire mining value chain is captured within the Kingdom so we can deliver maximum value and job growth.”
Al-Mudaifer said: “Through facilities like those at Ras Al-Khair, the industry is continuing to grow production volumes, increase investment, and maintain a sustained focus on the development of skilled human resources.
He added: “Under the National Transformation Program, by 2020 mining activity in Saudi Arabia is expected to provide 90,000 direct jobs and increase its contribution to Saudi GDP to SR97 billion ($25.9 billion).”
A key part of the success of Ras Al-Khair is the world-class infrastructure facilities developed here by Maaden’s public sector partners, Al-Mudaifer pointed out.
In addition to Maaden’s integrated complexes for aluminum and phosphate production, Ras Al-Khair is supported by key infrastructure including a 1,400 km railway connecting to the main mines in the country, a major port supporting exporting operations, one of the world’s largest desalination and power plants and a fully functioning village for workers.
It is also home to a maritime complex that will establish local shipbuilding and related industries to be built by Aramco.
The Ministry of Energy, Industry and Mineral Resources is a key stakeholder in the Ras Al-Khair project’s development.
“There is no doubt that Ras Al-Khair will play a pivotal part in helping the Kingdom move away from oil-based income,” said Energy, Industry and Mineral Resources Minister Khalid Al-Falih was quoted as saying in a press release.
“We are confident that the city will help establish Saudi Arabia’s mining sector on the global stage and also contribute to the generation of multiple downstream investment opportunities,” he added.
Ras Al-Khair is key example of how the Kingdom’s leadership is delivering on the goal of Saudi Vision 2030 to reduce dependence on oil-based income and facilitate national economic diversification, the press release added.


IMF warns of Asia’s darkening growth outlook as trade war bites

Updated 18 October 2019

IMF warns of Asia’s darkening growth outlook as trade war bites

  • The IMF cut its economic growth forecast for the Asia-Pacific region to 5.0 percent for this year and 5.1 percent for 2020
  • It also slashed China’s growth forecast to 6.1 percent for this year and 5.8 percent for 2020
WASHINGTON: Asian nations face heightening risks to their economic outlooks as the US-China trade war and slumping Chinese demand hurt the world’s fastest-growing region, the International Monetary Fund said on Friday.
In its World Economic Outlook report on Tuesday, the IMF cut its economic growth forecast for the Asia-Pacific region to 5.0 percent for this year and 5.1 percent for 2020 — the slowest pace of expansion since the global financial crisis more than a decade ago.
“Headwinds from global policy uncertainty and growth deceleration in major trading partners are taking a toll on manufacturing, investment, trade, and growth,” Changyong Rhee, director of the IMF’s Asia and Pacific department, said during a news conference at the IMF and World Bank fall meetings.
“Risks are skewed to the downside,” he said, calling on policymakers in the region to focus on near-term fiscal and monetary policy steps to spur growth.
“The intensification in trade tensions between the US and China could further weigh on confidence and financial markets, thereby weakening trade, investment and growth,” he said.
A faster-than-expected slowdown in China’s economic growth could also generate negative spillovers in the region, as many Asian countries have supply chains closely tied to China, he added.
The IMF slashed China’s growth forecast to 6.1 percent for this year and 5.8 percent for 2020, pointing to the impact from the trade conflict and tighter regulation to address excess debt.