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FINANCIAL NEWS
Saudi to inaugurate world’s largest gold factory
05 Jan 2011
(MENAFN) Aziz Sultani Al Ashrafi, Chief Executive Officer at Taiba for Gold and Jewels Co., announced that Saudi Arabia is to open the world’s largest gold factory in Jeddah by the end of 2011, Arab News reported.
Taiba, the firm behind the plan, revealed that the factory which will span 22,000 square meters and is already under construction in Jeddah, will create 800 jobs once it is fully operational, said the CEO.
According to Al Ashrafi, Taiba has been operating in the market for over 25 years and distributes to over 2,500 stores across the Kingdom.
Saudi Arabia, the Arab world’s wealthiest economy, currently holds the largest reserve of gold in the Arab world and globally ranks sixteenth, whereas only thirteen other national central banks, the International Monetary Fund, and the European Central Bank have higher reported reserves.
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