Kuwait-listed Heavy Engineering Industries and Ship-building Company #HEISCO said on Tuesday it is planning to set up steel manufacturing project in Saudi Arabia.
The company said in a bourse statement that its affiliated firm in Saudi Arabia has signed a contract with the Royal Commission for Jubail and Yanbu (RCJY) for leasing 200,000 square metres of land for the project in the Eastern port of Ras Al-Khair at an annual rental value of nearly 900,000 Saudi riyals ($240,000).
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The “conditional investment agreement” is for the purpose of manufacturing of structured steel, the company said without providing further details.
Source: Zawya
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