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The Saudi Industrial Development Fund (SIDF) has signed a SAR 900 million loan agreement with Al-Khair Industrial Company for Inorganic Chemicals to establish an industrial complex in Ras Al Khair Industrial City in the Eastern Province to produce soda ash and calcium chloride.
The industrial complex to be built, owned and operated by the company and expected to operate in its first phase in 2020 will include a plant for the production of soda ash (light and heavy), another to produce calcium chloride at a concentration of 77% and 94% Making it the first industrial complex of its kind in the Kingdom and the Arabian Gulf, and the largest in the Middle East and North Africa.
Inukim CEO, Abdulaziz bin Yahia Al Moayad, has promised the project to be in line with the objectives and priorities of the Kingdom’s Vision 2030. He added that he is attracting advanced technology for a global industry, relying on the local content of 100% of the Kingdom’s mineral resources without having to import any Raw materials from abroad. The industrial complex will contribute to the supply of vital industries and operations in the Kingdom, such as oil and gas exploration, glass manufacturing and detergents, which currently import all of its materials from outside the Kingdom.
The project will provide more than 1500 jobs targeting 75% of the national competencies within the framework of a training and rehabilitation plan according to the international standards followed in such projects. He pointed out that the Public Investment Fund through Sanabel Investment Company owns 30% of the shares, Of the private share of the remaining 70%.
It is noteworthy that the Royal Commission for Jubail and Yanbu allocated an area of 800 thousand square meters in Ras Al Khair Industrial City to create the industrial complex, an area that meets all the needs of the current and future, taking into account the plans to increase production capacity later, as Enokem will strive to meet the growing demand In addition, Enochem was established in March 2016 as a closed shareholding company with a capital of SR 800 million raised through a private placement managed by NCB Capital, the financial advisor Of a company.
