Khair Inorganic Chemical Industries Company, known as InoChem, signed a SR1.7 billion ($450 million) loan agreement with Alinma Bank and Albilad Bank over a 13 year period. This loan allows InoChem to build an industrial complex in Ras Al-Khair Industrial City in the Eastern region to produce inorganic products Soda Ash and Calcium Chloride. The Soda Ash will be produced in two grades, light and dense, and the Calcium Chloride will be produced in two grades, 77% and 94%. Once production begins in 2023, 600,000 tons will begin to be produced annually.
In addition to the loan from Alinma Bank and Albilad Bank, InoChem secured a loan from SIDF to assist in building the manufacturing complex. This project is supported by the private and public sectors. NCB Capital is InoChem’s Financial Advisor and Debt Arranger. Wassim Al-Khatib, Head of Investment Banking, emphasized this financing “is another example of how the Kingdom’s ecosystem is evolving to support the private sector, in sync with its objective to diversify the economy towards new non-oil activities.”