JEDDAH, 15 June 2005 — The director general of The Royal Commission for Yanbu, Mohammed Al-Joiesser, yesterday signed contracts for two investment projects in Yanbu Industrial City. The first contract is for renting a 5.1 hectare site in the light industries section of the city to Mada for Industrial and Commercial Investment Company. It will construct a factory producing prayer mats. Mada’s investment capital for the factory is SR133.4 million with a production capacity of 4 million square meters of prayer mats. It will begin operations at the end of 2005 and will provide 190 job opportunities.
The second project is also with Mada and involves renting a 6 hectare site in the light industries section to establish a plaster factory with a production capacity of 15,000 tons annually and for 6 million square meters of plaster blocks used in both construction and decor. Capital investment in this project is SR129 million and will provide 40 job opportunities. Production is expected to begin in 2006.