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FINANCIAL NEWS
Saudi to invest USD5.86bn in Ras Al-Khair shipyard
21 Jul 2016
(MENAFN) Saudi Arabia will invest almost USD5.86bn in a project in order to build a shipyard to construct large vessels for its oil industry.
Additionally, the project will be a joint venture between state oil giant Saudi Aramco, the National Shipping Co. of Saudi Arabia and others.
Accordingly, phase one of the project will be ready by 2018, while the whole project will be finished in 2021.
Moreover, the project would reduce Saudi Arabia’s ship import bill by almost USD12bn and boost its GDP by USD17bn.
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