2002 News Story

Saudi-German joint venture to produce magnesium

The Saudi Arabian General Investment Authority (SAGIA) has approved a joint venture with the German company Gulf Das for a U.S. $213 million plant to produce magnesium and potassium chloride. The project, to be headquartered in Dammam in the Eastern Province, involves construction of a power generation plant and is slated to start production by 2005. It will produce 20,000 tons of magnesium and 48,000 tons of potassium chloride a year, employing 300 workers. With this project, the total investment in joint-venture projects approved by SAGIA since its establishment in April 2000 now exceeds $11.6 billion.