RIYADH, 12 May — Prince Naser Fahad Al-Faisal Al-Saud, chairman of the board of directors and chief executive officer of Nafa Enterprises, said that a new company will be set up to procure collectively raw materials to be used by all the chemical and plastic factories operating in Saudi Arabia. The owners of these factories will be shareholders in this new entity, which will start sourcing and supplying raw materials to the local plastic industries later this year.
Prince Naser said that this new company will start functioning by the end of this year. The move, he said, is designed to service the needs of the Kingdom’s plastic industry following a meeting of the representatives of the chemical and the plastic factories held at the local chamber of commerce under the chairmanship of Saad Al-Moajil last week. This new entity is expected to have an annual turnover exceeding SR1 billion.
