ERJ staff report (DS)
Yanbu, Saudi Arabia - Two Arab companies are planning a SR 900 million (euro 182 million) car and truck tyre factory in Yanbu, Saudi Arabia, according to the International Islamic News Agency. The plant would be the first tyre factory in Saudi Arabia. The report is carried in a series of local papers, but neither partner had responded to requests for more information as ERJ posted this story..
The plant is expected to make 1.8 million tyres annually, employ 600 and is likely to be on stream in 2015, 34 months after the project was announced. The report said the tyres will be constructed to global standards, including ECE and DoT standards, but sales are expected to be mainly in the Gulf region and North Africa.
Al-Muwakaba will take 65 percent of the total project equity, while Bin Jarallah Group will be the minority shareholder with the remaining 35 percent. The IINA story said other international partners may become involved as the project develops beyond the first phase.
Technology and tyre designs are expected to be produced in conjunction with Technical Tire Consulting Gmbh (TTC), of Germany.
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from International Islamic News Agency (Saudi Arabia)
from Arab News (Saudi Arabia)