.
.
.
.

Saudi Arabia inks $164 mln deal with China’s Shen Gong New Materials company

Published: Updated:

Saudi Arabian General Investment Authority signs $164 mln MoU with China’s Shen Gong New Materials to develop a factory for the production of plastic and lighting materials.

According to the announcement made on Twitter, the deal will see a business plan aimed at building the project in three phases, with a value of the initial investment at the first stage valued at $164 mln (615 million Saudi riyals).

“We’re delighted to announce that #SAGIA has signed a USD 164m MoU with China’s “Shen Gong New Materials" to develop (for the first of three phases) an intelligence electronic manufacturing facility,” SAGIA said on its Twitter account.