Alwasail sees higher demand, eyes transition to main market

Abdul Kader Almushekih, CEO of Alwasail Industrial Co.

Abdul Kader Almushekih, CEO of Alwasail Industrial Co., expected constant growth in demand amid the increased number of projects and growth in the company’s exports in H2 2023.

Contracts represent 60%-70% of sales. This year’s sales exceeded SAR 200 million, recording a rise of 24% from SAR 165.7 million in H1 2022, Almushekih told Argaam in an exclusive interview.

The first-half results were positive, the CEO said, predicting more well-studied expansions.

Alwasail’s board set several goals, such as a transition to the main market (TASI) in the near term.

The company contributes to the infrastructure of projects, as it participates in vital investments, such as NEOM, the Red Sea project and SPARK.

"Agriculture in the Kingdom is growing due to the urgent need for it, especially after coronavirus and wars, hence we must rely on internal food security," the top executive said.