China’s Baoshan Iron & Steel Enters Saudi Economic Enclave With New Plant

Workers at the Baoshan Iron & Steel Co. factory in Baoshan District in Shanghai, China.

Matthew Martin

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Saudi Arabia has unveiled a flurry of new investment projects led by the world's biggest steelmaker as the kingdom dangles incentives for companies willing to operate in its special economic enclaves.

China's Baoshan Iron & Steel Co. will commit 15 billion riyals ($4 billion) to build a plant for steel plate manufacturing in a new economic zone in Ras Al-Khair on the kingdom's eastern coast, according to an announcement made at an event in Riyadh on Monday.