FIPCO has complied with the criteria and standards set by MODON, the Saudi Industrial Development Fund, and King Abdulaziz City for Science and Technology
By Staff Writer, Mubasher
Riyadh – Filing and Packing Material Manufacturing Company (FIPCO) has been selected by the Saudi Authority for Industrial Cities and Technology Zones (MODON) for the National Productivity Program Initiative, one of the Saudi Vision 2030 programs.
FIPCO has complied with the criteria and standards set by MODON, the Saudi Industrial Development Fund (SIDF), and King Abdulaziz City for Science and Technology (KACST).
ِAccordingly, FIPCO has signed an agreement with MODON on Monday 3 February 2020, the company revealed in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
Consequently, FIPCO has moved forward in implementing the program's initiatives aimed at enabling industry and enhancing national productivity through providing studies and digital transformation plans by a global technical partner.
This step will place FIPCO in the ranks of national companies contributing to the creation of a growing industrial environment and sustainable development, the statement noted.
FIPCO further noted that the program aims to transform the Kingdom into a leading industrial power and an international logistics platform in a number of promising areas.
The program includes FIPCO and its subsidiary, with expected outcomes including cost reduction through energy efficiency, reducing high employment numbers, improving product quality, and optimization.
FIPCO stated that its biggest challenge is the high employment numbers of more than 1,000 employees with annual salaries totalling SAR 38 million, while the company’s annual electricity bill amounted to SAR 7 million.
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