Quotes: 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.


 


Arab News




  MENA News Headlines
 Dec 20 2014 - Etihad has no further A380 orders, Boeing 787 delayedMENAFN
(MENAFN) Etihad Airways is not interested in ordering any more Airbus A380s, while the launch of its first Boeing 787-9 Dreamliner into service has been delayed, Gulf News reported.The Dreamliner ...

 Dec 20 2014 - Saudi rail expansion contributes to domestic tourismMENAFN
(MENAFN) Saudi Railways Organization (SRO) President has lauded the efforts of Saudi Commission for Tourism and Antiquities (SCTA) in developing the tourism sector and preserving national heritage, ...

 Dec 20 2014 - Tunisia, Germany sign USD55.21m loan agreementMENAFN
(MENAFN) Tunisia and Germany have signed a loan agreement worth USD55.21 million for the modernization of more than 300 educational institutions in the different regions of the country, QNA ...

 Dec 20 2014 - Qatar- Magnificent Mirza wins stage 2The Peninsula
(MENAFN - The Peninsula) Overnight leader Azzedine Lagab yesterday retained his position at the Tour of Zubarah where defending champion Yusif Mirza of the UAE produced a late burst to win stage ...

 Dec 20 2014 - Aishwarya to make comeback with JazbaaKhaleej Times
(MENAFN - Khaleej Times) Jazbaa is a contemporary thriller set in modern-day Mumbai. Los Angeles - Former Miss World and popular Bollywood actress Aishwarya Rai Bachchan will make her comeback with ...

 Dec 20 2014 - UAE- Srikanth looks to change strategy for next two tiesKhaleej Times
(MENAFN - Khaleej Times) Indian star Kidambi Srikanth set to play Sugiarto and Jorgensen in Dubai event.Kidambi Srikanth faltered in the first set but made a strong comeback against Kento Momoto on ...

 Dec 20 2014 - UAE- Aussie rookie makes an early impactKhaleej Times
(MENAFN - Khaleej Times) Cannon makes statement for Mena Golf Tour with a steady performance at the Dubai Open. Chris Cannon was playing for the first time in an asian tour event Dubai — An ...

 Dec 20 2014 - UAE- Chen and Saina cruiseKhaleej Times
(MENAFN - Khaleej Times) South Koreas Bae shocks Chinese No.Saina Nehwal of India in action against Sung Ji Hyun of South Korea at the BWF Destination Dubai World Superseries Finals on Thursday. ...

 Dec 20 2014 - UAE- Teary-eyed for 132 dreams lostKhaleej Times
(MENAFN - Khaleej Times) Pak ambassador condemns Taleban for using Islams cover to justify massacre Abu Dhabi: The Pakistani community in Abu Dhabi gathered at the embassy on Thursday morning to ...

 Dec 20 2014 - IT teacher steals students iPad sells it onlineKhaleej Times
(MENAFN - Khaleej Times) The teachers theft was allegedly busted after she posted an advertisement on a popular website to sell the iPad. Dubai: An Information Technology (IT) teacher is standing ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help