| 26 Sep 2006 |
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Saudi Arabia: Al-Tuwairqi Group to Set Up Four Factories
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JEDDAH, 26 September 2006 -- Al-Tuwairqi GroupAl-Tuwairqi Group
plans to establish four iron & steel factories in Pakistan, the United Arab Emirates, Bahrain and Egypt within the next three years with a total cost of SR2 billion ($533.3 million).Hilal Al-Tuwairqi, chairman of the group, said the four factories would supply millions of tons of metal. He said his group was aiming to become the largest producer of iron in the Middle East.
Al-Tuwairqi was speaking to reporters after signing an agreement with Indonesia's Krakatau Steel Co. in order to establish a joint venture in Kalamantan in the Southeast Asian country. "The accord comes within the framework of the company's strategy to increase its market share," he said.
He emphasized the group's plan to expand its activities in the Middle East with a futuristic strategy. "We aim at speedy progress and less cost," he added. Within the next 10 years, the group's total production capacity is expected to exceed five million tons, he pointed out.
Al-Tuwairqi disclosed his group's plan to convert the company into a joint-stock firm and float part of its shares for public subscription.
The group has signed an agreement with a Korean company to purchase an industrial complex in Dammam, which has an annual production capacity of two million tons.
"This deal will play a big role in strengthening the national economy and creating more job opportunities for young Saudis," the chairman said.
Al-Tuwairqi has seven factories inside Saudi Arabia including Al-Ittefaq factory, which is the largest iron & steel factory owned by the private sector in the Middle East. The factory supplies 1.3 million tons of iron rods used for concrete reinforcement. It has two production lines in Dammam and the Western Province and another factory in Britain with an annual capacity of 800,000 tons.
Apart from its trading and contracting activities, Al-Tuwairqi GroupAl-Tuwairqi Group is now extensively engaged in manufacturing various types of products including space frames roofing systems, hot rolled steel products, steel billets and electrical equipment.
The group is also engaged in distribution of building materials, white cement, and trading of various industrial materials throughout the Kingdom. "The group envisages a vision that continues its core strength and the basis for a growing base of satisfied customers," the chairman said.
© Arab News 2006
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