Thursday, Sep 29, 2011
BEIRUT (Zawya Dow Jones)--Saudi businessman Mohammed Hussein Al Amoudi said he plans to implement two local industrial projects at a combined investment of more than 4 billion Saudi riyals ($1.07 billion), pan-Arab Al Hayat daily reports Thursday.
The first project involves the construction of six units for the production of phosphate derivatives in Ras Al Khair in the kingdom's eastern region at an initial cost of SAR3.5 billion and with a production capacity of 2.5 million metric tons, the paper reports. Trial operation of the plant is expected to start in the last quarter of 2015, it adds.
Ras Al Khair was formerly known as Ras Al Zour.
The Amoudi group has embarked on the creation of a limited liability company to operate this project, Al Hayat reports.Another limited liability company has been established to operate the second project which is in the sulfur sector and which will be located in Jubail industrial city, George Makhoul, head of investment strategy at the Amoudi group, said according to the newspaper.
The sulfur project is estimated to cost SAR500 million and is expected to start trial operations in the second quarter of 2013, the daily reports.Newspaper website: http://ksa.daralhayat.com/ksaarticle/312714
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
29-09-11 0704GMT
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