Bena’s board decides not to proceed with building plant in Riyadh

Bena said the decision came as the company moves to direct its resources to investment options that achieve ultimate returns

Bena Steel Industries Co.’s board of directors decided, on Dec. 30, not to proceed with the establishment of a factory branch in Riyadh, according to a statement to Tadawul.

This followed a review of several considerations and internal assessments. It also aligns with the company’s drive to direct its resources to investment options that achieve ultimate returns for its shareholders, including investing in the land plot owned by the company in Riyadh in a way that enhances its value and serves its future goals.

According to Argaam’s data, Bena announced in August 2024 establishing a factory in Riyadh, expecting the project to be delivered by October 2025.