Saudi Arabia: Saudi International Insulation Manufacturing Company (SIIMCO), a joint venture equally owned by Alghanim Industries and Saint-Gobain, has signed an agreement with the Yanbu Royal Commission to lease a 65,000m2 site at Yanbu Al-Sinaiyah, Saudi Arabia for 30 years. Construction of plant is expected to begin in August 2013 and it is planned to be operational by early 2014.
"Our joint venture investment at Yanbu will supply local and regional industrial and building areas with a reliable source of high quality insulation, which is both environmentally-friendly and will assist in improving the fire safety of buildings," said Omar Alghanim, chief executive of Alghanim Industries. The agreement follows a comprehensive review of the environmental impact and approval for plant layouts, building structure and utilities from the Yanbu local authorities.
SIIMCO has invested about Euro45m in the project. When completed it will have a production capacity of 60,000Mt/yr, building minderal wool, thermal and acoustical insulation materials. The plant is intended to serve markets in Saudi Arabia and other regional markets in the Gulf Cooperation Council region such as Egypt and Iraq.
