Saudi Arabia’s Minister of Investment, Khaled Al-Falih, has announced a new phosphate project with an estimated cost of SR33 billion. The goal is to double the Kingdom’s phosphate production capacity, making it the world’s third-largest phosphate producer.
Al-Falih mentioned plans not only to convert phosphate into fertilizers but also into advanced chemical products.
The Saudi Economic Cities and Special Zones Authority (ECZA) is exploring connections between border areas and free zones with neighboring countries. Al-Falih expressed hope for the establishment of the first tax-free economic zone with Iraq in Arar, encouraging cross-border investment.
The Northern Borders Region, where the project will take place, offers around SR100 billion in investment opportunities. This region is rich in resources, holding about 25% of the Kingdom’s mineral wealth, totaling SR1.2 trillion.
The Deputy Minister of Industry and Mineral Resources for Mining Affairs, Khaled Al-Mudaifer, noted that the Northern Border Region has about 7% of the global phosphate reserve, with an investment volume of about SR85 billion.
Additionally, the region’s potential for renewable energy production and the growing global demand for environmentally friendly products add to its strategic significance. The Kingdom aims for over $3 trillion in investments, including the mining sector, within the next three years.
