Saudi Arabia to build world's largest gold factory

Riyadh, Jan 5 (IANS): Saudi Arabia, one of the top global oil exporters, is planning to build the world's largest gold factory by the end of 2011.

The 22,000-square metre factory, located in the kingdom's Red Sea port city of Jeddah, will bring in between 500 to 800 jobs. "The factory will become a reality by the end of this year," Essam Al-Shrafi, chief executive officer of Taiba for Gold and Jewels company, told the Arab News daily.

The company has 25 years' experience in gold sales, Xinhua reported, adding that Saudi Arabia is one of the top holders of gold reserves in the Middle East. The World Gold Council, a non-profit body that tracks gold holdings across the globe, recently said Saudi Arabia has doubled its gold reserves to 323 tonnes.