FIPCO CEO expects raw material price stability in technical textiles, continued growth

Abdullah Alharbi, CEO, FIPCO

Abdullah Alharbi, CEO of Filing and Packing Materials Manufacturing Co. (FIPCO), said that the packaging products sector is witnessing a significant decline in raw material prices in the first half of 2024.

However, raw material prices in the technical textiles segment remained stable despite fluctuations in shipping costs due to geopolitical developments in the Red Sea.

In an interview with Argaam on the sidelines of Riyadh International Industry Week 2024, he noted that demand for technical textiles is expected to grow, especially given their inclusion in the mandatory list for government projects and initiatives related to local content.

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Alharbi highlighted that FIPCO targets the African and Asian markets for packaging products and the European and American markets for technical textiles. He noted that targeted export sales will be between 30% and 40% in the first half of 2024.

The CEO also highlighted the ongoing cooperation with DBS Engineering Ltd to develop and implement air domes in Saudi Arabia, aiming to globally advance the air dome industry.

He said a decision is expected in the anti-dumping case filed by FIPCO's subsidiary FPC Industries Co. by December 2024, expecting a positive outcome that will be benefit the company.

Alharbi also pointed out that participating in international specialized exhibitions helps the company achieve its export goals by attracting major customers and remaining up-to-date on research and development.

He emphasized the company’s commitment to field visits and engaging in global exhibitions, highlighting their participation in the Techtextil exhibition in Frankfurt, Germany, at the end of last month.