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Jubail, Yanbu Sign $11.4-Billion-Worth Investment Agreements in Mining

The Future Minerals Forum witnessed the signing of major agreements to promote the mining industry. (Asharq Al-Awsat)
The Future Minerals Forum witnessed the signing of major agreements to promote the mining industry. (Asharq Al-Awsat)
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Jubail, Yanbu Sign $11.4-Billion-Worth Investment Agreements in Mining

The Future Minerals Forum witnessed the signing of major agreements to promote the mining industry. (Asharq Al-Awsat)
The Future Minerals Forum witnessed the signing of major agreements to promote the mining industry. (Asharq Al-Awsat)

The Royal Commission for Jubail and Yanbu (RCJY) - the two largest industrial cities in the Kingdom – have announced five agreements worth more than 43 billion riyals ($11.4 billion) to establish projects in Ras Al-Khair Minerals City and Yanbu Industrial City.

The agreements were signed on the sidelines of the Future Minerals Forum, which concluded on Thursday in Riyadh.

RCJY signed an agreement worth SAR38 billion with Red Sea Industrial Aluminum Company (RSA) to set up a non-ferrous foundry for casting aluminum. The project will target local and global markets and create approximately 5,517 job opportunities.

The factory will also stimulate manufacturing industries, provide future localization opportunities and achieve the 2030 mining strategy, with a project area of 703.8 hectares and an investment volume of SAR38 billion.

The second agreement provides for the lease of industrial land with EV Metals Arabic Industrial Company for the production of high purity chemicals required for active ingredients in the cathode of electric vehicles, and renewable energy storage.

The Royal Commission in Ras Al-Khair City for Mining Industries signed three investment agreements, including an agreement with the Saudi Manufacturing Industries Holding Company, for the allocation of a site of 157,000 square meters to establish and operate a factory for the production of aluminum foil and coils.

An agreement was also concluded with the Tamouh Development and Investment Company to allocate a land of 130,000 square meters to establish and operate a factory for the production of high-density aluminum fluoride, with an investment value of 474 million riyals. The project is expected to provide more than 127 job opportunities.

The third agreement was signed with the Petroleum Protection Services and Construction Company to allot a site with a total area of 10,000 square meters to establish and operate a ready-mixed concrete factory for marine uses, which will support the port and marine industries sector with an investment of 5 million riyals and will create 75 job opportunities.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.