NCID, Essar Co-sign MoU, including Green Iron Production

National Center for Industrial Development (NCID) signed a memorandum of understanding with Essar company, on the sidelines of the Future Investment Initiative forum.

The center was represented by its CEO Nizar Al-Hariri and on the part of Essar Renwat Ruia, a member of the board of directors and a founder.

The agreement aims to study the development of the integrated complex of iron flats, in Ras Al-Khair Industrial City, which is the first industrial project for the production of green iron, in the Kingdom, in an effort to achieve the objectives of the Kingdom’s Vision 2030.

It will contribute to the development of multiple industrial use, such as the automotive, machinery, equipment, home appliances, military and marine industries, food packaging, gas and oil sectors, construction and building, utilizing the best modern energy-saving technologies and clean energy applications.

The company aims to invest in this complex with an estimated amount of SR20 billion, and it is expected that it create approximately 1500 direct jobs, in addition, the project will contribute to the replacement of imports, estimated at SR3 billion, annually to the Kingdom.

It is worth noting that Essar invest in several key sectors related to energy, infrastructure, services, technology, minerals, and mining, with total revenues of $14 billion, and employs more than 7,000 people around the world.