Al Rashid Industrial buys factory site in Qassim for SAR 9.2M

06/06/2024 Argaam
Logo ofAl Rashid Industrial Co.

Logo of Al Rashid Industrial Co.

Al Rashid Industrial Co. purchased a factory site in Qassim 1st. Industrial City for SAR 9.2 million, inclusive of VAT, the company said in a statement on Tadawul today, June 6.

 

The site entails lease contracts with the Saudi Authority for Industrial Cities and Technology Zones (MODON), together with the buildings, machinery, and equipment, albeit conditional on government approvals. The deal will be self-financed, the company added.

 

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The factory activity is represented in the manufacturing of plastic products, aiming to ramp up Al Rashid Industrial’s production capacity and bolster its expansion.

 

The relevant financial impact is expected to appear in 2025, it pointed out, noting there are no related parties to the deal.

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