Saudi Arabian Mining Company (Maaden) plans to invest SR26 billion ($6.9 billion) for setting up a massive phosphate industry complex in the northern part of the Kingdom, said a report.

The company has already earmarked SR21 billion for setting up seven new projects at the Waad Al-Shimal City for Mining Industries being constructed under King Abdullah Project for development, the Arab News reported, citing a top company official.

Maaden has started the implementation of the King Abdullah Project and already awarded key contracts for readying the infrastructure services for the industrial city and for providing engineered designs and management services for the  phosphate project, said its president and CEO Khalid Mudaifer.

The first contract was awarded to Bechtel Company, which will prepare the general engineering plan of the city including basic, downstream and support industries. It will also carry out plans for commercial, housing and educational facilities, the report added.