JIZAN, 2 December 2007 — Jizan Economic City (JEC) laid the foundation stone of the marketing complex of the project on Nov. 24, marking the beginning of construction work on the project.
The stone was laid by Prince Mohammad Bin Nasser bin Abdulaziz, emir of Jizan, in the presence of Saudi Arabian General Investment Authority (SAGIA) Governor Amr Al-Dabbagh, engineer Abdullah Mohammad Al-Qarni, mayor of Jizan, as well as local and foreign dignitaries.
The event was one year after the project was launched by Custodian of the Two Holy Mosques King Abdullah.
Several agreements were signed during the ceremony.
The first agreement signed was a Heads of Agreement (HOA) between JEC’s master developers Saudi Binladin Group (SBG) and MMC with Aluminum Corporation of China Limited (Chalco). The HOA was signed by SBG Senior Vice President Saleh Binladin and MMC Director Feizal Ali, while Luo Jianchuan, president of Chalco signed the agreement on behalf of the Chinese corporation. The HOA specifies the parties’ intent to build a second aluminum smelter in JEC and the prerequisites for the project.
Chalco was also presented with an investor license designating the Chinese company as an anchor tenant in JEC.
Chalco is the sole supplier of alumina in China and is ranked among the largest aluminum producer in the world. The Chinese company will be responsible for the technology, supply of alumina as well as marketing and distribution of the end products. “Our expertise in capital, project construction and of the local market will be complemented by Chalco’s knowledge in technology, production management, marketing, engineering design and equipment to make this cooperation a mutually beneficial agreement,” said Feizal Ali, director of MMC.
The estimated $ 3 billion investment required for this project will bring the total capital invested in JEC since it was launched to $20 billion.
“This new investment in JEC demonstrates Saudi Arabia’s capacity to attract key foreign investors in its developing economic cities,” said SAGIA Governor Amr Al-Dabbagh.
Pan Kingdom Investment Company (PKI) as well as Western Way for Industrial Development Co. Ltd. (WWIDC), two of the initial anchor tenants also signed agreements with different strategic partners in the steel and alumina sectors.
The event was also marked by the presence of 10 students from Jizan who were the first to register and apply for the scholarship from the AlBukhary Foundation to enable them to further their studies in universities in Malaysia.
The laying of the foundation stone for the Jizan to Jeddah Highway by Prince Mohammad Bin Abdulaziz marked the end of the ceremony.
