National Steel of Saudi Arabia has entered into an agreement with Salalah Free Zone (SFZ) to create Oman's largest metallurgical complex with an estimated $ 500 million investment in the Salalah Free Zone.
SFZ tweeted that the agreement was signed by Ali bin Mohammed Tabuk, CEO of Salalah Free Zone and Sheikh Ahmed Al-Shahin, chairman of National Steel in Riyadh.
“We have signed an agreement on usufruct (the right of personal use) to create the largest complex of the metallurgical industry with direct investments in the Gulf country in the amount of $ 500 million,” SFZ said.
Construction of a new complex project for the metallurgical industry, which will create about 500 jobs, will begin in the first quarter of 2020, the company said.
According to Tabuk, the complex will be able to produce 150,000 tons of steel products. In a statement to the Omani News Agency, Tabuk said the project represents a significant investment breakthrough in the region, indicating that the construction will use the latest technology and innovative engineering developments to help reduce its cost by 20 percent.
The plant will manufacture various steel products required for the production of refrigerators, generators, steel roofs, heavy structures for large commercial, residential and industrial buildings, bridges and shopping malls, with sixty-five percent of all production planned to be exported to regional markets. added Tabuk.
