The new integrated flat steelworks is scheduled to break ground by year-end and be completed by end-2025.
"Management has asserted that critical to the progress has been the enlightened and collaborative approach of the Saudi government ministries: the Royal Commission of Jubail and Yanbu, Invest Saudi, the National Industrial Development Centre and related entities who have provided a highly supportive and informed technocratic basis for both facilitating and supporting the planned investment,” Kapadia told Kallanish in an exclusive interview during the Saudi International Iron & Steel Conference in Riyadh last week.

Authorities’ welcoming approach to foreign investment and pragmatic policymaking has helped Essar fast-track project development, he added.

"We have formally applied to the Saudi Industrial Development Fund (SIDF), and they are evaluating our project. Through multiple rounds of discussion, additional information required for SIDF to complete technical, market and credit evaluation has been shared. We hope to conclude the process in the next few months,” Kapadia commented.

“We plan to award an LSTK contract with project drivers of schedule, cost, quality and safety with the balance of the need to meet local content requirements even during the project execution phase. Therefore, all procurement would be the contractor's responsibility to achieve these objectives,” he continued.