Al-Kharif: The bridging of the deficit in the Irster sector in Saudi Arabia offers investment opportunities worth about 60 billion Riyals

Saudi Arabia has completed a study of the optimal options to cover the deficit in the local iron and steel market, which consists of the production of seven products, which, according to Bandar Al-Khorayef, Saudi Industry and Mineral Resources, is estimated to be estimated at investment opportunities. He pointed out that during his speech at the third edition of the Iron and Steel Conference in Riyadh, he was held in recent years, the sector faced real challenges, the most prominent of the surplus in the production of Rebar compared to local demand, the limited production capacity for high value products, in addition to the country’s capacity of the country’s capacity. Al-Kharif noted that the ministry has taken steps to restructure the sector in a way that fills the gaps, increases the added value and ensures the sustainability of supply chains. During a dialogue session in which Egyptian Minister of Transport and Industry, Kamel Al-Wazir, participated, Al-Khorayef said that the sector restructuring contributed to the decline in the amount of imported iron from 7 million tonnes in 2019 to 4 million tonnes that is currently pointed out to increase the production capacity. building projects in the domestic sector, in the addition of the domestic sector, in the domestic sector. Transport, ports and industrial cities. He expected the country’s iron production to reach 25 million tonnes by 2035. The Saudi official added that the Kingdom is also aimed at exporting iron products in order to reach a target of 50% of the non-oil-based product coming out. Qualitative achievements in His Speech, Al-Kharif pointed out that qualitative achievements have been achieved during the past period, the most notable of which are: the independence of the hadid company to become a national entity Specialized in iron products with the expansion of the expansion of the expansion High-Performance Products, and the establishment of the Bab Al-Khair Company in Partnership with the Chinese “Baosteel”, “Aramco” and the Public Investment Fund to Produce Heavy Iron Sheets in Ras Al-Khair, in addition to the Restarting of the Solb Steel Company in Jizan, Pipe companies in a United States to increase production capacity and competitiveness. Read more: The largest private Saudi iron and steel business is considering restructuring its debt. According to Al-Kharif, work has also been completed with the study of the conditions of small factories relying on induction ovens to produce Rebar, with the aim of increasing their efficiency and sustainability. He revealed that the industrial center was assigned to update the national steel structure plan in accordance with local and global developments, in addition to reviewing relevant policies and regulations to improve sustainability and improve the investment environment. The fall has determined the attraction of the iron sector in the kingdom in three axes: the expected great demand from different sectors in the local market, and the kingdom’s geographical location and competitive benefits qualify it as an important region for iron manufacturing, in addition to the country’s tendency to green metal industries. Al-Kharif continued, “Our estimates are that the country’s iron ore reserves are less than one billion tonnes of high quality and concentration.” The Kingdom’s Vision 2030 has a clear way to build a prosperous economy based on the diversification of the production base, increasing the contribution of the private sector to 65% of gross domestic product, increasing the percentage of non-oil exports to 50% of the non-oil inland product. The industrial and mining sectors are at the heart of this ambition, and the iron sector holds a strategic position in the market value of manufactured metals worldwide, according to the speech of all Khareef.