Saudi Chemical Holding’s fully owned unit has started work on a manufacturing plant for military equipment and explosives, the firm announced on a statement on the Saudi bourse.
The manufacturing facility will incur a cost of more than 1 billion Saudi riyals ($266.5 million) in the next five years and will be fully owned by Saudi Chemical Company Ltd., a subsidiary of Saudi Chemical Holding.
The firm has developed its strategic plan for the project and received the required licenses from relevant authorities.
The project will be financed through loans and credit facilities from commercial banks, the Industrial Development Fund, as well as its own resources.
The operation and production of the plant is expected to begin in the first half of 2021.
(Writing by Nada Al Rifai, editing by Seban Scaria)
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