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FINANCIAL NEWS
Saudi Arabia to set up USD6.9b mining city in the north
22 Feb 2012
(MENAFN) Saudi Oil Minister Ali Al Naimi unveiled plans to set up a USD6.9 billion industrial zone for mining companies in the north of the country, state-run news agency SPA reported.
The project is estimated to contribute around USD4 billion annually to the country’s gross domestic product, Al Naimi added.
The project will be established as the North WA’AD City For Mining Industries, Al Naimi added. Saudi Arabia has allocated land comprising 440 sq km for the city.
Al Naimi said the City project was considered as fulfillment of the promise made by King Abdullah to citizens of Northern Borders region that it would share in prosperity and development.
Maaden carried out initial feasibility studies over three years to set up an integrated mining city, northeast of Turaif.
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