DUBAI, (Reuters) – Saudi Arabia’s Emaar Economic City 4220.SE said it agreed with Emirates Aluminium to build an 18.4 billion riyal ($4.91 billion) aluminium smelter in the Saudi kingdom.

The smelter will produce as much 700,000 tonnes per year of the metal, Emaar Economic City, an affiliate of Dubai-based Emaar Properties EMAR.DU, said in a statement on Wednesday.

Construction will start at the end of the year, Emaar Economic City said.