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Saudi Arabia invests $6 billion in a steel and metal complex for electric cars
Electric Car Charging

The Ministry of Industry and Mineral Resources said it has provided $6 billion for a steel plate complex and a factory for electric car battery metals, as part of plans to attract $32 billion in investments in the mining sector.

Bandar Al-Khorayef, Minister of Industry and Mineral Resources said in a statement that the ministry’s goal is to finance 9 projects for minerals and metals.

The projects include a $4 billion steel plate complex for shipbuilding, oil and gas projects, construction and defense, and a “green” steel complex, which will supply automobiles, food packaging, machinery and equipment, and other industrial sectors.

Both projects are already underway, as is the $2 billion Electric Battery Metal Factory.

Bandar Al-Khorayef said that the projects will provide 14,000 job opportunities, adding that the ministry is now examining 145 exploration license applications from foreign companies.

In the statement, the Minister of Industry stated that the investments will continue to make the Kingdom a hub for production, mining, and logistics, in a region stretching from Africa to Asia, and also support the transformation of the Saudi mining sector, so that it can realize its full potential.