Business NewsLatestOman News

Saudi Arabia’s National Steel to build $500 million factory in Salalah

The steel industries plant that will be build in Salalah Free Zone will produce 150,000 tonnes of steel every year.

Oman News Agency
Sep 21, 2019

Muscat: A steel industries plant, worth $500 million will come up in Salalah. Construction work on the factory — which upon operational commencement will create 500 direct jobs — will begin in Q1 2020.

An agreement was signed between Salalah Free Zone (SFZ) and Saudi Arabia’s National Steel Co to set up a plant that will produce 150,000 tonnes of steel per annum. 

Ali bin Mohammed Tabouk, CEO of SFZ said the project is a significant leap for investments in the region, pointing out that the plant will use the latest technology and innovative engineering designs that will help in reducing the construction cost to 20 per cent and time to 50 per cent in projects related to steel products.

He added that 65 per cent of the factory’s production will be exported to the regional markets and it will manufacture various steel products that are used in the manufacture of refrigerators, generators, panels, steel roofs, heavy structures for large commercial and residential buildings, bridges, commercial complexes, factories and gas stations.

A statement by SFZ said that the construction of the project will start in the first quarter of 2020 and will create 500 direct jobs. — With inputs from ONA

Subscribe to our YouTube Channel and watch the latest episode of HerStory.

Tags
Show More

Related Articles

Close