May 02 2012
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Al-Amoudi to set up first tire factory in Saudi Arabia
Mohammed Hussein Al-Amoudi, chairman of the board and the main partner for both Al-Muwakaba and Advanced Tire Factory, said he was proud of this great project. The new project is in line with the guidance of the government of Custodian of the Two Holy Mosques King Abdullah in ensuring the diversity of industries in Saudi Arabia and the interest in supporting the national economy.
"We also extend our sincere thanks and gratitude to the Royal Commission of Jubail & Yanbu and the Saudi Industrial Development Fund as well as industrial Clusters' Program for their support for overcoming the obstacles to access to this vital project. Al-Amoudi also stated that the total cost of this promising project was estimated to be SR900 million. The project provides 600 employment opportunities. Based on the approach taken by the company in all of its projects, Al-Amoudi assured that the preference and priority in career opportunities would be given to young and qualified Saudis, especially from the scholarship program of the king, in addition to training and development programs provided by the company to train technicians to work in the high-tech factory.
The partners recently completed all the statutory procedures for the project. Nasser Bin Mohammed Bin Jarallah, Panorama Group vice president, partner and member of the board of directors of the Advanced Tire Factory, expressed his satisfaction on the efforts made to translate his dream project into reality and implementation. He also explained that Al-Muwakaba owns 65 percent of the total project while Bin Jarallah Group owns the remaining 35 percent in the first phase of the project, and it is expected to enter other international partners in the later stages of the project. He added that the project is funded partially by the Saudi Industrial Investment Fund and a number of Saudi local banks in their efforts to support the project.
© Arab News 2012
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