Jeddah, Kingdom of Saudi Arabia, October 19, 2011: Al Sorayai Trading and Industrial Group PJSC, a Tadawul-listed public joint stock company and one of the major global manufactures and exporters of carpets and rugs, has recently announced that the Saudi Industrial Development Fund (SIDF) has granted it two loans worth SAR 36.4 Million. The announcement was made during the Group's monthly general meeting focusing on the importance of communication channels with the customers, participation in industry-oriented exhibitions and conventions, and targeting new markets for its exports. The Group's financial results to-date and current expansion plans and projects were major topics for discussion on the meeting's agenda.

Al Sorayai Group will utilize the first loan to cover the expenses of the SAR 15 development and expansion project of Al Sorayai Carpet Factory included in the fourth phase of the First Industrial City in Jeddah. The second loan will be used to fund the SAR 21.4 Million Jeddah Industrial Yarn Factory (JIYFCO) expansion project.

Saleh Al Sorayai, Managing Director, Al Sorayai Trading and Industrial Group, said that the loan tenure will be 6 years and that installments will be made every six months starting Shawwal 1434 Hijri and ending Rabi Al Thani 1440 Hijri.

He added: "The two loans were granted to us with the guarantee of assets of the two expansion projects for Al Sorayai Carpet Factory and JIYFCO. I would like to convey our greatest appreciation and gratitude to the SIDF officials who offered us all the support and facilitations to this end".

It should be noted that the Group has recently initiated major business expansion plans, including the expansion of its Project Division that serves customers across KSA. This expansion will allow the Projects Division to design and produce all types of carpets and rugs on demand, perform interior design works for residential and hotel units, and import all kinds of office and hotel furniture, in addition to offering the best-in-class hotel and office solution at minimum expense.

-Ends-

Alsorayai trading & industrial Group was established in the city of Makkah, Saudi Arabia, around 1950s under the name of Abdullah & Nasser Alsorayai Co. the Group first started operating by importing handmade rugs, by 1985 the group initiated their own rugs factory where the company was able to produce and export their products. In 1992, Alsorayai established a new factory to produce high quality carpet with different unique colors and designs.

Alsorayai trading and industrial Group has also received an ISO certificate for its outstanding performance.

Alsorayai trading and industrial Group Establishments:

 - Jeddah Industrial Yarn Factory (JIYFCO). Every part of it was brand new and had the latest technical controls and attachments.

 - MATTEX, the Mattex Davison began production. This division extrudes and processes it's own yarn and waves the best primary and secondary Polypropylene backing available to the carpet industry.   

For more information, please contact:
Mohammed Sharafuldeen
Alsorayai trading & industrial Group.
Jeddah - KSA
Phone: +966 2 6918222 Ext: 308
Fax: +966 2 6974771
Email: msharafuldeen@al-sorayai.com   

Bashar Kharbat / Faisal Jamal
Asdaa Public Relations
Jeddah, KSA
Phone  :+ 966 2 6575-194
Fax: + 966 2 6575-277
E-mail: b.kharbat@asdaa.com 
f.jamal@asdaa.com

© Press Release 2011