$1bn pipes plant to come up in Saudi Arabia
An alliance has been formed by four companies from Saudi Arabia, Germany, Czech and India to build a large plant for manufacturing seamless pipes in Saudi Arabia’s Ras Alkhair, Arab News has reported. In the first stage of the project, the production capacity is expected to reach 600,000 tonnes of steel, in which seamless pipes, iron, and iron alloy will be made. Set for commissioning in early 2015, the plant will be the first one in the Middle East to produce seamless pipes with diameters of 19 mm to 137 mm. The plant is estimated to cost $1bn (SR3.75bn). The project will be financially managed by Alinma Investment.