Saudi National Steel has started work on its new $500-million iron manufacturing plant located within the Salalah Free Zone (SFZ), said a report.
It is a unit of Al Nasser Industrial Enterprises (Anie), a major industrial conglomerate in the UAE with manufacturing activities in sectors like steel, polymers, structural fabrication and industrial intermediates located across the GCC and MENA region.
On completion, the 250,000-sq-m facility will boast a production capacity of 85,000 tonnes annually of various iron products, reported Muscat Daily, citing a senior SFZ official.
“Investments worth $500 million have been earmarked for the construction of the giant iron industries complex in Oman,” stated its CEO Ali Tabouk.
“This project is a significant leap for investments in the region, as the plant will use the latest technology and innovative engineering designs that will help in reducing the construction cost up to 20 per cent and project time up to 50 per cent in steel related products,” stated Tabouk.
“Sixty-five per cent of the factory’s production will be exported to the regional markets and it will manufacture various steel products that are used in the manufacture of refrigerators, generators, panels, steel roofs, heavy structures for large commercial and residential buildings, bridges, commercial complexes, factories and gas stations,” he added.
In September last year, Trade Arabia News Service had reported that the Saudi National Steel Company had signed a usufruct agreement with SFZ for the project.
The new complex, once completed will create 500 direct jobs, and is aiming at a 150,000-tonne capacity, stated Tabouk after signing the deal with Sheikh Ahmed Al Shahin, the chairman for National Steel Company Complex in Riyadh.
TradeArabia News Service