19 Dec “ALMUAIBID” Signs three Agreements at the China-Saudi Investment Conference
ABDULRAHMAN ALMUAIBID GROUP, represented by Eng. ABDULRAHMAN Bin ABDULATIF ALMUAIBID,the Chairman of the Board of Directors, signed a partnership agreement with SHANDONG COMPANY to carry out infrastructure projects in the Kingdom of Saudi Arabia. The value of this agreement is 100 million US dollars, and it aims to carry out water extension, desalination, and treatment projects, in addition to drainage projects. The agreement seeks to establish a company in the Kingdom of Saudi Arabia between ABDULRAHMAN ALMUAIBID GROUP and SHANDONG COMPANY that shall work on developing the infrastructure and pipe extension works, ( The Chairman of “ALMUAIBID” stated). It is noteworthy that SHANDONG COMPANY is one of the largest Chinese companies specializing in the infrastructure field.
ARWEQAH INVESTMENT & DEVELOPMENT, a subsidiary of ABDULRAHMAN ALMUAIBID GROUP, represented by Eng. ABDULRAHMAN Bin ABDULATIF ALMUAIBID, the Chief Executive Officer, also signed a partnership agreement with HANGU CHINESE COMPANY to establish a company in the Kingdom of Saudi Arabia that shall work on the development of residential buildings and construction works. The value of this agreement is 20 million US dollars and it was signed at the China-Saudi Investment Conference held in the capital, Beijing, in the presence of His Excellency Mr. KHALID AL-FALIH, the Minister of Investment, and Mr. MOHAMMED AL-AJLAN, the Chairman of Saudi-Chinese Business Council.
In the industrial field, TAALAH Industry Co., a subsidiary of ABDULRAHMAN ALMUAIBID GROUP, represented by Dr. SALEH ALGHAMDI, the partner and founder, signed a partnership agreement with DEMIWANG COMPANY to establish a factory for plastic products produced from the recycled materials in Dammam. The value of this agreement is 10 million US dollars, and it aims to establish a company specializing in the maintenance of smart containers and the inclusion of a special department for the export of recycling technologies, smart containers, and plastic products outside the Kingdom of Saudi Arabia.
The Commercial Register of the factory had been issued and it was agreed that the factory shall be launched and operated in mid-2024 AD, (Dr. SALEH ALGHAMDI, the partner and founder stated). It is noteworthy that TAALAH Industry Co. was established in early 2023, and its business focuses on recycling and providing services in the field of waste management. It aspires also to be one of the leading Saudi companies in recycling by fostering innovation in the field of industry.
