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FINANCIAL NEWS
Saudi Al-Amoudi to establish USD239.95m tire plant
02 May 2012
(MENAFN) Al-Amoudi Group of Companies announced that it will set up the Advanced Tire Factory, the first tire plant in Saudi, with a total cost of USD239.95 million, reported Arab News.
The firm added that the deal was inked by its member Al-Muwakaba for Industrial Development & Oversees Commerce (Holding), which will establish the plant on a 194,000 square meter area in Yanbu Industrial City.
On the other hand, Mohammed Hussein Al-Amoudi, chairman of the board and the main partner for both Al-Muwakaba and Advanced Tire Factory, stated that the factory will provide 600 employment opportunities, adding that the priority would be given to qualified nationals.
It is worth noting that commercial output is expected to start by 2015, with the plant forecasted to produce 1,800,000 of tubeless pneumatic tires for passenger cars and commercial vehicles.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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