DAMMAM, 21 May 2007 — Al-Tuwairqi Group and a Chinese company will soon set up a factory for the manufacture of seamless oil pipes with an annual production capacity of 500,000 tons. Chairman Hilal Al-Tuwairqi of the Al-Tuwairqi group of companies, and Piao, chairman of the Chinese Wuxi Company, signed a memo of understanding for this joint venture to be located at the Dammam Industrial City II a couple of days ago.
Piao is currently touring the Kingdom with the aim of exploring investment opportunities while Al-Tuwairqi Group is forging ahead with its expansion plans on an international level.
Speaking on the occasion, Khaled Al-Tuwairqi, a board member of the group, said the event signified the foundation of the upcoming joint projects with Chinese companies. “The project will contribute a lot for the growth of the national economy and create employment opportunities for the Saudi youth,” Khaled said.
Noting the remarkable progress achieved by the Tuwairqi Group in the field of steel industry, Piao said “the group’s achievements in the steel industry does not leave any doubt in mind that there is an efficient administration and work force powering the company to make spectacular achievements in the field.”
The Chinese industrial magnate noted that the achievements of the company could be compared to what the huge companies with unlimited government support could accomplish.
Apart from its trading and contracting activities, the group is engaged in manufacturing various types of products including, but not limited to, space frames roofing systems, hot rolled steel products, steel billets and electrical equipment.
