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

Saudi Arabian General Investment Authority and Shen Gong New Materials company representatives sign the deal. (Supplied)

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.

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Last Update: 20:22 KSA 23:22 - GMT 20:22
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