Posted on 2021-08-24 09:50:42
Saudi Ceramic Factory project
The Saudi Ceramic Company, which is listed on the Saudi Stock Exchange, has approved the construction of a new porcelain factory with an annual production capacity of 8.25 million square metres. The company confirmed in a statement to the stock exchange that the project will begin in the fourth quarter of 2021 and end in the second quarter of 2023.
Furthermore, the corporation stated that the $66.47 million (249.3 million Saudi riyals) project will be funded by borrowing and self-financing. The Saudi Ceramic Company acknowledged that the plant project is intended to boost revenues, which will be reflected once commercial operations begin in the second quarter of 2023.
The plant will be built on a 32-acre plot of land. The project is aimed at helping the Kingdom diversify its revenue streams away from oil.
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