Commending Al-Tuwairqi group's decision to establish steel complex at Bin Qasim, the Senate Chairman Muhammadmian Soomro on Saturday said it would play the pioneering role in encouraging other investors to come to Pakistan and take advantage of the investment opportunities.
Talking to Al-Tuwairqi group of companies and the members of his delegation Dr Hilal Hussain - who called on the chairman at his residences, he said Pakistan valued the brotherly relations with Saudi Arabia.
He said Pakistanis admire and cherish these ties and feel proud of having Saudi Arabia standing by our side at all times.
The Chairman was of the view that the decision of Al-Tuwairqi Group to set up a steel complex will help encourage more frequent people to people contract between the two brotherly Islamic counties.
Dr Hilal Hussain informed the Chairman that his group was in the process of setting up a state of the art steel making plant at Bin Qasim using the most advanced Direct Reduced Iron (DRI) technology.
He said in the first phase the one million-ton per annum DRI plant was scheduled to be completed within two years at a cost of around dollars 130 million. In the second phase, to be completed by March 2009, the plant would start making steel billets mainly used in making wire rods, heavy structures, seamless pipes and other construction materials, he added.