https://arab.news/pw4xa
RIYADH: Jazan Chamber of Commerce and Industry has offered a strategic investment opportunity for a salt production plant project valued at SR86.6 million ($23.9 million).
Located in Jazan City for Basic and Transformational Industries, the project will have a production capacity of 100,000 tons per year of both edible and artificial salt, reported the Saudi Press Agency.
“The sea salt production project is one of the important projects that achieve a great deal for the Kingdom in general, especially the Jazan region and its neighboring areas,” according to a report that studied the opportunity to invest in the factory.
The factory’s profitability ratio was anticipated at 377 percent, whereas the project’s internal rate of return on investment will be 25.7 percent.
The project is said to recover its capitalization in the four years of operation.
The factory will enable the production of pure marine refined edible salt with a grain size of not more than 15 mm that is suitable for human consumption, animal feed, and the pharmaceutical industry.
In addition, industrial salt will be developed to be used in cutting-edge chemical processes from the petrochemical industry, drilling and oil exploration.
Jazan, which is filled with mineral resources due to its distinctive geographical location, is known for the abundance of both marine and rocky salt ore.
Developing the industrial and mining sector is one of the key pillars of the Kingdom’s Vision 2030 goal of economic diversification.
Jazan Chamber is a nonprofit organization working to promote business activity in the city, protect it, and help it grow. It also speaks for the region’s private sector before authorities, ministries, and other public institutions.