Alujain signs MoU with NIDC to support expansion plans

Logo of Alujain Corp.

Alujain Corp. signed a memorandum of understanding (MoU) with the National Industrial Development Center (NIDC) to support the company's current expansion projects, according to a Tadawul statement.

The MoU, valid for two years, will support Alujain's expansion plans for high-value strategic polypropylene compounds to enhance global competitiveness. In addition, it will drive the sustainability of the company's business for the manufacture and recycling of propylene compound products and industrial propylene textiles.

The company will enter into strategic partnerships with leading targeted international companies and help transfer knowledge to establish a product development and innovation center with advanced technical capabilities. This will further help to maximize the benefit of knowledge, technical and financial support programs available to local industrial companies.

The related financial impact cannot be determined at present, Alujain said, adding updates will be issued in due course.