Saudi TASNEE, TAQNIA sign deal on synthetic fibres joint venture

14 November 2013 10:52  [Source: ICIS news]

SignatureDUBAI (ICIS)--Saudi Arabia’s largest industrial conglomerate National Industrialization Co (TASNEE) and Saudi Company for Technological Development and Investment (TAQNIA) have signed a memorandum of understanding to establish a synthetic fibres joint venture.

“The agreement includes the development of techniques in this field in order to reach out to commercial operation and the memorandum of understanding is for unlimited duration,” TASNEE said in a statement issued to Saudi Stock Exchange on Thursday.

Together, the companies will be able to develop new solutions for the synthetic fibre market and bring international technology into Saudi Arabia in partnership with industrialist, investor, and research centres, it said.

In October, Tasnee has signed a Shari’a-compliant loan facility worth Saudi riyal (SR) 4bn ($1bn) Saudi riyals with eight Middle Eastern banks to fund the company’s future projects and to refinance its existing loans.

The company is active in petrochemicals and industrial projects in Saudi Arabia.

TAQNIA, on the other hand, is a governmental entity owned by General Investment Fund, the investment arm of Saudi government and has been assigned to help diversify the national economy.

($1 = SR3.75)

By: Aamir Ashraf

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