Wael are estimated at 3.1 billion tons, making Saudi Arabia the largest source of phosphate in the world, he pointed out. Abdallah E. Dabbagh, president and chief executive of the Saudi Arabian Mining Company (Maaden), explained his company's position on the mining investment opportunities in the Arab countries. "The mining industries will help support the Kingdom's economy," Dabbagh said. He said the Kingdom's strategic objectives were to diversify the national economy, generate new sources of revenues, raise the gross domestic product (GDP), create employment opportunities, stop or reverse migration to the cities, balance various regions' development and transfer technology and management expertise. A working paper presented by Dabbagh highlights the objectives of Maaden, which conforms to the national goals with a broad based government support. Maaden is being honed to become the third leg of the Kingdom's industrial and economic development after Saudi Aramco and Saudi Basic Industries Corporation (SABIC), he said. Maaden, a joint stock company with a capital of over $1 billion and assets of over $1.3 billion, has mounting projects worth over $7 billion for bauxite, phosphate and industrial mineral. The company owns six gold mines - four in operation and two being developed. The company, according to Dabbagh, is consolidating all precious metals businesses for privatization. Maaden is preparing to incorporate a new company comprising its gold business unit, in advance of spinning it off in late 2005 or early 2006. Maaden is also preparing to receive toward the end of March the full feasibility study for the $1.5 billion Al-Jalamid phosphate project, which is being carried out by a consortium comprising Canada's SNC Lavalin and the US-based Jacobs Engineering Group. --MORE 1034 Local Time 0734 GMT
