Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Gammon leads Jazan's industrial progress  Join our daily free Newsletter

MENAFN - Arab News - 19/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Some more international companies including shenhua group kalliyath steel trina solar and china communications construction company have agreed to join hands with gammon group to develop new industrial city in jazan with a capital investment of sr75 billion creating about 100000 jobs.

prince turki bin mohammed bin nasser director of international trade at the ministry of commerce and industry and the main partner of gammon has signed an agreement with noor mohammed noorisha managing director of kalliyath group to set up a 200 million steel plant in the city.

prince turki the main architect of the new city has expressed his happiness over the project’s progress. “it augurs well with custodian of the two holy mosques king abdullah’s vision to boost the kingdom’s regional development.” he said the participation of indian companies in the city would strengthen the historic saudi-indian ties.

“the new industrial city will spur the economic growth of jazan and bring about a face-lift for the region” said shaikh mohammed rafik chairman of gammon group who is spearheading the campaign to develop a state-of-the-art city with various industries including pharmaceuticals and petrochemicals.

“we are now in the process of signing agreements with prominent companies from all over the world including canada china india and malaysia” rafik told arab news. he added that kalliyath is a major group in india with a capital of rs.50 billion indian.

the agreement with prince turki who is a prominent businessman will enable kalliyath to expand its wings in saudi arabia to sell and export mild steel billets construction steel bars and structural steel products. the new steel plant will have a capacity to produce 1.5 million tons annually.

saheed palkkandy kottoth a director of gammon said he was trying to bring a johannesburg-based helicopter manufacturing company to jazan. he is holding negotiations with shenhua group a major mining and energy company in china to establish an electricity power plant in the city.

riyas mohammed another director is endeavoring to bring chinese firms specialized in manufacturing household utensils. he is also working to establish a food-processing factory and a tire-manufacturing factory in the city with the support of major international companies.

“the new projects and factories will bring a capital investment of more than sr10 billion” rafik said. “we’ll take over the land next month to build infrastructure facilities required for the city.

he added that prince turki has been authorized by the government to develop the city by bringing foreign investors to build the city’s entire infrastructure facilities such as roads bridges commercial centers power plants water treatment plants oil refinery and petrochemical plants.

“the main attraction of this project is that if major companies are ready to invest and transfer their technology the government will pay them 75 percent of their project cost in soft loans for 20 years” rafik told arab news.

gammon is endeavoring to establish automobile industries it parks food processing industries factories for building materials hospitals and hotels in jazan to make it one of the best commercial cities in saudi arabia.


 






  MENA News Headlines
 Sep 3 2014 - Saudi- Mobily PSU celebrate graduation of first batchArab News
(MENAFN - Arab News) Mobily celebrated the graduation of the first batch of students of Mobily SAP program under the Prince Salman Education for Employment program at Prince Sultan University (PSU) ...

 Sep 3 2014 - Indian factory output rises in August: SurveyArab News
(MENAFN - Arab News) MUMBAI: Indian factory output slowed slightly in August after jumping to a 17-month high the previous month but growth remained strong a key HSBC survey showed.The positive data ...

 Sep 3 2014 - Saudi- Indonesian trade picture brightens after Ramadan slumpArab News
(MENAFN - Arab News) JAKARTA: Indonesia posted a slim trade surplus in July bouncing back from a deficit the previous month caused by increased imports before Ramadan and the Eid holiday data ...

 Sep 3 2014 - UAE- Islamic finance seeks to go green with environment-based productsArab News
(MENAFN - Arab News) DUBAI: Financial products based on renewable energy and sustainable agriculture are emerging in Islamic finance as asset managers seek a crossover opportunity between ethical and ...

 Sep 3 2014 - Maaden Alcoa start operations at Saudi plantArab News
(MENAFN - Arab News) ALKHOBAR: Saudi Arabian Mining Co. (Maaden) said on Monday its joint aluminum smelter with US-based Alcoa has started commercial operations.The $10.8 billion aluminum plant at ...

 Sep 3 2014 - Saudi- RCJY signs SR293m contracts for Jubail and Ras Al-KhairArab News
(MENAFN - Arab News) Prince Saud bin Abdullah bin Thunayan chairman of the Royal Commission for Jubail and Yanbu (RCJY) has signed two contracts valued at SR293 million.The contracts are meant to ...

 Sep 3 2014 - Jordan- ICD Nouadhibou Free Zone Aqaba authority sign joint cooperation dealArab News
(MENAFN - Arab News) Aqaba Special Economic Zone Authority Nouadhibou Free Zone Authority and the Islamic Corporation for Development of the Private Sector (ICD) member of the Islamic Development ...

 Sep 3 2014 - KSA stocks drop 0.62Arab News
(MENAFN - Arab News) JEDDAH: Saudi Arabia's main stock index pulled back 0.6 percent after hitting a fresh six-year high in the previous session. Tadawul All Share Index (TASI) edged down to 11048 ...

 Sep 3 2014 - Riyadh-Dammam high-speed line: Railway studies optionsArab News
(MENAFN - Arab News) Saudi Railways Organization (SRO) President Mohamed Khalid Al-Suwaiket has signed a contract for SR6000621 with Spanish consortiums headed by Consultrans Company to study options ...

 Sep 3 2014 - SAGIA plays effective role in boosting Saudi-French tradeArab News
(MENAFN - Arab News) Saudi Arabia is one of the top countries in the region witnessing a 'revolutionary era' in the advancement transparency and efficiency of its e-government services said Saudi ...

more...


 






Google

menafn.com

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help