Abdulaziz Yahya Al-Muaiyyad, managing director and CEO of ISACC, and Hicham Hatoum at NCB Capital, signed the deal.
This follows an earlier agreement signed with the other consultants including Jacobs Engineering, who will be the main technical consultant overlooking the development of the production facility in Jubail.
“We are very pleased to be acting as Financial Adviser for the ICHEM project since we share with ISACC a commitment to supporting the development of Saudi Arabia’s nonoil economy for the long term benefit of the kingdom’s future generations,” said Hicham Hatoum.
“In this project, ICHEM and us will be joining hands with top level consultants and we will contribute our unrivaled expertise as leaders in corporate finance, providing advice and guidance for the entire project and incorporation of ICHEM”
Al-Muaiyyad said: “ICHEM is one of the most important strategic projects in Saudi Arabia’s efforts to diversify its sources of revenue and reduce reliance on oil exports. As such, we have selected NCB Capital as the financial adviser in recognition of its outstanding track record as key contributor to the Kingdom’s economic development and its renowned expertise and understanding of the Saudi business and capital markets environment.”
To be built at a cost of at least SR1.1 billion, the facility will be the first in the Kingdom and the GCC to produce soda ash (Sodium Carbonate) and calcium chloride.
The factory will have a total capacity of up to 800,000 tons a year with all basic materials secured from mines within the Kingdom.
ICHEM will provide the Kingdom’s requirements for soda ash and calcium chloride, used in oil and gas drilling operations and the manufacturing of glass and detergents, which are currently being imported from outside sources.
The Jubail Inorganic Chemicals Industries Company is a joint stock company (under formation) with a paid-up capital of SR650 million.
NCB Capital provides a full spectrum of corporate finance services to its corporate clients, including advisory in debt and equity capital markets, mergers and acquisitions, real estate development and real estate funds.
With a team of world-class professionals, NCB Capital is well positioned to gauge the market from a unique viewpoint and is the winner of numerous awards.
