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KSA’s New Phosphate Project to make it the World’s 3rd Largest Producer

The Minister of Investment Khaled Al-Falih said that the Ministry is working on a new phosphate project, costing $8.8bn billion, which will double the Kingdom’s capacity of the product to become the third largest phosphate producer in the world.

 

Addressing the first ministerial session at the Northern Borders Investment Forum 2023 in Arar late last month, the minister said that the Kingdom will not only convert phosphate into fertilizers, but will also convert it into advanced chemical products, Al-Falih said.

 

The Saudi Economic Cities and Special Zones Authority (ECZA) is studying the prospect of linking the border areas and free zones with neighboring countries. He hoped that the border area with Iraq in Arar will be the first free economic zone with a neighboring country without taxes, fees, or entry visas in order to serve investors in both countries.

 

The Northern Borders Region includes 25 percent of the Kingdom’s mineral wealth, with a total value of $0.32 trillion. The Northern Border Region contains about 7 percent of the global phosphate reserve, and the volume of investment in it amounts to about $22.6 billion in two stages.

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