RIYADH: Wa'ed, the entrepreneurship arm of Aramco, has approved a SR5 million ($1.3 million) loan to the Jubail-based Amad Chemicals Company.
The loan will help finance Amad’s new facility for the production of chemicals and coatings.
The new facilities of Amad Company, near Ras Al Khair in Jubail, will comply with Saudi-supported environmental standards set by the International Marine Organization (IMO), a UN agency that oversees global shipping.
The facility’s business line will promote the reduction of industrial waste and pollution, particularly in the maritime and offshore sectors.
“We are delighted that Wa’ed is empowering the growth of our company and with it, industry expansion in Saudi Arabia.
“We pride ourselves for being among the first Saudi-based companies to address this untapped market and thank Wa’ed immensely for their substantial backing,” Amad Chemical Company chairman Hazza Al-Qahtani said.