Khaled Al-Juffali, Chairman of the Board of Administrators of Rowad Al-Waha Firm
Khaled Al-Juffali, Chairman of the Board of Administrators of Rowad Al-Waha Firm, revealed the corporate’s intention to implement an industrial challenge to supply polyurethane within the Kingdom, at an estimated value exceeding $400 million (about 1.5 billion riyals), inside the usual incentive program.
He added in an interview with numbersThe challenge goals to supply polyurethane, which is broadly used as an insulating materials throughout the Kingdom, confirming the corporate’s dedication to serving the native market first, earlier than increasing to export markets.
He defined that these supplies are utilized in a number of industries, most notably the shoe trade, particularly in markets equivalent to India, the place they’re used extensively in shoe manufacturing, indicating that the Kingdom will turn out to be an export middle to neighboring markets.
Al-Juffali said that the contracting part of the challenge will start subsequent yr, with precise manufacturing beginning inside a interval starting from 18 to 24 months, stressing the significance of presidency help in accelerating the tempo of implementation and enhancing the financial feasibility of the challenge.
In line with information numbersYesterday, the Ministry of Business and Mineral Sources signed the primary batch of tasks benefiting from the usual incentives program for the commercial sector throughout the first group, amounting to 9 tasks with a complete funding of roughly 2 billion riyals. The Ministry additionally delivered letters of intent for 25 tasks from the second group that have been certified, with a complete funding of roughly 5 billion riyals.
