|21 January, 2020

SAGIA inks $164mln factory MoU with China’s Shen Gong

New manufacturing facility will produce plastics and lighting materials.

A general view of the Grangemouth petrochemical plant on the day management announced that it is to stay open on October 25, 2013 in Grangemouth,Scotland. Image used for illustrative purposes.

A general view of the Grangemouth petrochemical plant on the day management announced that it is to stay open on October 25, 2013 in Grangemouth,Scotland. Image used for illustrative purposes.

Getty Images/Jeff J Mitchell

Riyadh – Mubasher: The Saudi Arabian General Investment Authority (SAGIA) announced signing a memorandum of understanding (MoU) with China’s Shen Gong New Materials to establish an intelligent electronic manufacturing facility.

The factory will be carried out through three phases, SAGIA revealed on its official Twitter page on Monday.

In the first phase of the factory, investments will reach SAR 615 million ($164 million).

It is worth noting that the new manufacturing facility will produce plastics and lighting materials.

Source: Mubasher

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