Obeikan to build SAR 400 mln glass factory with Japanese partner

01/07/2014 Argaam

Obeikan Glass, 40 percent owned by Saudi Advanced Industries Company (SAIC), signed yesterday a letter of intent with Japan’s Asahi Glass to build a solar control insulated glass factory at Yanbu.

The 50-50 joint venture is expected to come online in the first half of 2016, parent SAIC said in a filing on Tadawul.

The project’s total investment is expected to reach SAR 400 million and will be covered by the partners, Saudi Industrial Development Fund (SIDF), and bank loans. 

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