Ground-breaking Loan Agreement Reached between InoChem and Saudi Industrial Development Fund (SIDF) for First Soda Ash Plant in GCC and Largest Calcium Chloride Plant in MENA RegionFebruary 14, 2018
A loan agreement for SAR 900 million has been signed between InoChem and the Saudi Industrial Development Fund (SIDF). This loan establishes an industrial complex in Ras Al-Khair Industrial City in the Eastern region producing inorganic products Soda Ash and Calcium Chloride. InoChem secured this loan to build, own and operate the industrial complex. It will produce Soda Ash in two grades, light and dense, and will produce Calcium Chloride in two grades, 77%, and 94%. The Soda Ash is initially expected to produce 600,000 tons annually.
At the time of the loan, The CEO of InoChem, Abdulaziz Yahya Al-Muaiyyad emphasized this InoChem manufacturing project falls in line with the Kingdom’s Vision 2030. It attracts advanced global technologies in producing two products fully imported to the Kingdom using raw materials locally sourced from its own mineral reserves. Additionally, this project meets a need by providing two products to vital industries, along with creating over 1,500 new jobs. This cooperation between the private investors for InoChem, the public sectors, and local communities is poised to build lasting successful relationships.