New Saudi-Korean joint venture to establish facility in PlasChem Park

Updated 21 April 2017
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New Saudi-Korean joint venture to establish facility in PlasChem Park

A new joint venture between Maydan Industry for Industrial Development & Investments Co. (Maydan Industry), Ahmad Kassim Al-Amoudi Group Co. Ltd. (AKA), and the South Korean technology company SFC has been signed to establish a manufacturing plant in PlasChem Park. The new facility will produce a range of surfactants, which are specialty chemicals used in the production of detergents and other applications.
A new company named the Surfactant Detergent Company LTD. (SDC) will be established as part of the JV agreement. The company will be based in PlasChem Park, a chemical and conversion industrial park adjacent to Sadara Chemical Company in Jubail Industrial City 2, developed jointly by Sadara Chemical Company and the Royal Commission for Jubail and Yanbu.
The JV agreement follows a long-term supply agreement for Ethylene Oxide (EO) and Propylene Oxide (PO) signed previously between Sadara and the SDC partners, which will be supplied though dedicated pipelines constructed by Sadara.
SDC will be the first company in the region to use the very latest Korean technology developed by SFC. The locally sourced raw materials from Sadara and advanced technology will enable the company to create value for the local market in terms of economic diversification and job creation for Saudis by manufacturing new products at competitive prices for local and regional customers.
Abdulrahman Al-Swailem, chairman of Maydan Industry, said: “This new venture is inspired by the Kingdom’s Vision 2030 which seeks to diversify the economy. The planned manufacturing facility is expected to be 40,000 metric tons with an approximate capital expenditure of SR189 million ($50.3 million).”
Abdullah Ahmad Al-Amoudi, chairman of AKA, noted: “The new project will meet the local and regional market needs for surfactants in a wide range of applications. We thank our colleagues at Sadara and the Royal Commission of Jubail and Yanbu on this occasion for their tremendous support in finalizing these agreements and their efforts to develop PlasChem Park.”
Hong Junko, CEO of SFC, said: “This joint venture is a great opportunity for us and our Saudi partners, as we are creating an advanced, cost-efficient factory that utilizes our technical knowledge to create added value for the Kingdom. The project has already been initiated by senior engineers preparing for the final engineering designs, which will be followed by construction of the plant itself.”


Alinma CEO shares leadership insights at Cambridge event

Alinma Bank CEO Abdulmohsen Al-Fares was a featured speaker at the recent Cambridge Islamic Finance Leadership Program.
Updated 21 July 2019
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Alinma CEO shares leadership insights at Cambridge event

Alinma Bank CEO Abdulmohsen Al-Fares was a featured speaker at the recent Cambridge Islamic Finance Leadership Program (IFLP), held at the University of Cambridge,  outside of London in the UK.
Al-Fares, who was named CEO of the Year by the Global Islamic Finance Awards, which is a program affiliate of Cambridge IFLP, spent more than an hour discussing his career in Islamic finance, his role in the establishment and growth of Alinma Bank, and his views on leadership and the vital importance of Islamic banking.
“It was indeed an honor to be asked to speak at such a worthwhile event, organized by a quality organization like Cambridge IFLP,” said Al-Fares. “The work they are doing truly supports banks like Alinma and others in the industry; and I feel strongly that with time, Islamic banking and finance will emerge as a fully-fledged alternative to conventional banking. I am, therefore, always pleased to support those organizations and individuals working toward this mission.”
Al-Fares thanked the organizers and lauded them for their efforts to enhance the profile of Islamic banking and finance.
Cambridge IFLP annually brings together 35-50 middle and upper managers from Islamic banking and finance institutions across the world. Over the course of a five-day intensive workshop held on the campus of the University of Cambridge, participants receive lectures on technical aspects of the industry, engage in group activities, and listen to lectures from experts and thought leaders within the industry.