Saudi Arabia’s NAFA Enterprises recently announced that procedures are underway to establish a new company that will oversea the production of 3,000 raw material factories across the Kingdom, reported Al-Iktisadia . The new entity’s annual revenues are forecasted to reach $267 million.
According to NAFA Chairman Prince Nasser Fahd Al-Faysal, the company’s main objective will be to supply high quality raw materials at a relatively low cost for the local production of plastics and chemicals.
In the first nine months of 2001, some 150 billion Saudi riyals ($40 million) were injected into the Kingdom’s chemical and plastic industries, a 62.5 percent share of the funds invested into the country’s3,468 manufacturing plants. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
