100 new investment opportunities worth 20 billion riyals in Saudi Arabia

The Saudi Minister of Investment, Khaled Al-Falih, said that Saudi Arabia’s Northern Borders Region has about 100 new investment opportunities, valued at 20 billion riyals, other than existing opportunities valued at 80 billion riyals.

“A new phosphate project at a cost of 33 billion rials will double the Kingdom’s capacity to become the third phosphate producer in the world,” Al-Falih said, noting that the Kingdom will not only transform phosphate into fertilizer but will also turn it into advanced chemical products.

Prince Faisal bin Khalid bin Sultan witnessed the signing of a number of agreements on the sidelines of the forum, which takes place over two days.

“The Saudi Economic Cities Authority is considering linking border areas and free zones with neighboring countries,” Al-Falih added, noting that he hopes that the border area with Iraq in Arar will be the first free economic zone with a neighboring country without taxes, fees, or visas to serve investors in the two countries.

“Saudi Arabia’s Northern Borders Region contains 25% of the Kingdom’s mining wealth, with a total value of 1.2 trillion riyals,” Deputy Minister of Industry and Mineral Resources for Mining Affairs Khaled Al-Defer said.

Saudi Arabia’s Northern Borders Region comprises about 7% of the world’s phosphate stockpile, with an investment of about 85 billion riyals in two phases.

“The Northern Borders Region has huge potential to produce renewable energy, especially in view of the European and global demand for importing low-carbon green products, as well as the possibility of exporting electricity to neighboring countries such as Iraq at a very low cost,” Al-Falih said.