23 June 2005
Beirut (APD) - The Saudi-based Arabian Industrial Development Company (NAMA) signed the final contracts related to Hassaad Project that will have a total cost of SR 600 million and will churn out 250,000 tons annually of various chemical products, the Saudi Stock Exchange website, Tadawul, reported Thursday.

Financing the Hassaad Project has been secured, the website said, as the Saudi Industrial Development Fund (SIDF) has lately agreed to finance the project, while senior executives at NAMA have put the finishing touches on bank loans.

Contractors to the Hassaad Project begun implementation four months ago as stipulated in the primary agreements and production will start in the second quarter of 2007. [SN-FC]

© APD (Arab Press Digest) 2005