Saudi to invest $8.79 billion to double phosphate production, aims for top three global position

SAR20 bn unveiled for 100 new investment prospects northern Kingdom
Saudi to invest $8.79 billion to double phosphate production, aims for top three global position
Northern Saudi Arabia's economic surge

According to the Saudi Investment Minister Khalid Al-Falih, the Northern Borders Province presents a total of 100 new investment opportunities, amounting to SAR20 billion ($5.3 billion), in addition to the existing opportunities valued at SAR80 billion ($21.33 billion).

During the Northern Border Investment Forum held lately in Saudi’s Arar, Al-Falih revealed that a forthcoming phosphate project, with an estimated cost of SAR33 billion ($8.79 billion), will effectively double the Kingdom’s capacity, positioning it as the world’s third-largest phosphate producer.

Read more: Saudi Arabia signals Phosphate mining focus as it looks to diversify

In addition to phosphate fertilizer production, the Kingdom aims to leverage its phosphate resources for the production of advanced chemical products, Al-Falih noted.

Furthermore, the Minister stated that Saudi has been contemplating the establishment of the first free economic zone in the border region of Arar, in collaboration with Iraq. The vision is to create a border area between Arar and Iraq that operates as the first tax-free, fee-free, and visa-free economic zone, catering to investors from both nations.

The Forum has presented over 157 investment opportunities in a range of targeted sectors within the northern border region. These sectors include transportation, logistics, mining, education, healthcare, real estate development, municipal services, industry, tourism, hotels, and scientific research.

Investment trends and prospects

During its sessions, the Forum comprehensively examined investment trends, prospects, and opportunities within the Northern Borders Region. Discussions focused on strategies to stimulate investment growth, ensure business sustainability, and provide support programs and financing solutions for investors. The efforts of foreign Saudi business councils in promoting trade, investment, and government initiatives were also highlighted, underscoring their role in empowering investors within the region.

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