Saudi Chemical pens SAR 16.1M contract with Bosnian company

Logo of Saudi Chemical Company Holding

Saudi Chemical Company Holding (SCCH), through its subsidiary Saudi Chemical Co. Ltd., signed a binding agreement worth 4 million euros with Bosnia's Tehnicki Remont Bratunac (TRB) to transfer knowledge and localize the production of mechanical fuses for 155, 105 and mortar ammunition.

The one-year contract was signed today, Feb. 6, for knowledge transfer, technology localization and completion of the production line installation, according to a Tadawul statement.

The company is expected to achieve a revenue increase of over SAR 25 million annually after starting the commercial marketing that is anticipated to commence in 2025.

CEO and Managing Director Thamer Al-Muhid said this agreement confirms the company's commitment to supporting Saudi Vision 2030 goals and enhancing the local content.

"We seek to localize military industries, which will contribute to developing the defense capabilities of our country and supporting efforts to achieve self-sufficiency in this vital sector,” Al-Muhid noted.

There are no related parties to the deal, according to the statement.