Saudi, Chinese companies to develop giant aluminum industrial hub in Riyadh
The new industrial base is set to cover 1.5 million square meters and will be developed in two phases, with the first expected to be completed in 30 months and create more than 1,800 jobs.
Saudi Arabian and Hong Kong-based aluminum manufacturers have signed an agreement to build the largest integrated downstream industrial base for the metal in the kingdom.
What happened: Aluminium Products Company, an aluminum extrusion producer in Saudi Arabia, and Asia Aluminum Group, a Hong Kong-based aluminum extrusion manufacturer with operations in mainland China, signed the deal in Hong Kong on Sept. 29, according to a statement from the companies released Wednesday.
The partnership will form three joint ventures with investments of up to $500 million, focusing on aluminum extrusions, modular housing and solar panel frames.
The new industrial base is set to cover 1.5 million square meters and will be developed in two phases, with the first expected to be completed in 30 months and create more than 1,800 jobs, according to the statement.
