Al Kathiri Holding Co. said 90% work is complete at its under-construction 3D concrete panels manufacturing factory in Sudair City for Industry and Business.
Once operational, the factory will use Italian technology to produce 3D concrete panels, the company said in a statement to Tadawul.
Al Kathiri also imported and stored all equipment and machinery for production lines at the factory site. It will be installed, operated, and the technical personnel in the factory will be trained by Italian specialists, after completing the necessary procedures for their attendance.
The production lines of the new factory are expected to be operational by the beginning of Q2 2021.
The project missed its earlier deadline due to the coronavirus outbreak and the suspension of air travel between Italy and Saudi Arabia, which affected the presence of Italian installation and operation specialists in the Kingdom.
The associated costs could not be determined at present, the company said, noting that the effect of the delay on the financial results would be determined later.
According to the data available with Argaam, in October 2019, Al Kathiri announced the start of the field works for establishing the factory in Sudair City for Industry and Business.
Al Kathiri’s wholly-owned subsidiary, Alian Industrial Co., had then inked a SAR 23.2 million credit facility agreement with the Saudi Industrial Development Fund’s (SIDF) to finance the factory.
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