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.

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