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 22 2014 - Oil markets face uncertain future as OPEC targets competitorsAFP
(MENAFN - AFP) The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty, officials ...

 Dec 22 2014 - MoI discusses setting up national strategic plan to fight drugsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Ministry of Interior, MoI, has discussed ways to establish the first national strategic plan to combat drugs. The discussion took place during a specialised ...

 Dec 22 2014 - GCC Secretary-General hails initiative of Saudi King on Qatar, Egypt reconciliationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dr. Abdullatif bin Rashid Al Zayani, GCC Secretary-General, expressed satisfaction with the initiative of the Custodian of the Two Holy Mosques, King Abdullah ...

 Dec 22 2014 - Etihad Airways goes double daily to MelbourneEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Etihad Airways today announced plans for a second daily non-stop service between Abu Dhabi and Melbourne from 1st August 2015.The additional flight will be ...

 Dec 22 2014 - Dubai Municipality launches recycling initiative at Safa ParkEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dubai Municipality has launched an initiative to encourage Safa Park visitors to exchange their recyclables, such as plastic and cans, in exchange for Union ...

 Dec 22 2014 - Ducab Aluminium begins construction of new facility in KizadEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Abu Dhabi Ports Company, ADPC, has announced that Ducab Aluminium Company has broken ground for its new aluminium rod and conductor facility at Kizad.After ...

 Dec 22 2014 - Kuwaiti Emiri Diwan mourns death of Sheikha Sabah Al-Nasser Al-SabahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Kuwaiti Emiri Diwan today mourned the death of Sheikha Sabah Al-Nasser Al-Sabah, spouse of His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.According ...

 Dec 22 2014 - OPEC daily basket price Friday 19th DecemberEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The price of OPEC's basket of twelve crudes stood at US$55.52 a barrel on Friday, compared with $56.30 the previous day, according to OPEC Secretariat ...

 Dec 22 2014 - World Islamic Travel Summit to debut in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The World Islamic Travel Summit, WITS15, the largest showcase of Halal travel and tourism solutions, is to debut in Abu Dhabi next October.The pioneering ...

 Dec 22 2014 - DEWA sponsors first Emirati student to Lima Climate Change Conference in PeruEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Bader Al Hammadi, an Emirati student and Carbon Ambassadors Programme member, has participated in the United Nations COP20 Climate Change conference in Lima, ...

more...


 






Google

 
 

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