Saudi Arabia’s Almarai upgrades import capacity
The Saudi Stock Exchange saw its market index TASI adding 0.04 per cent to hit 9,860.41 points on Thursday, June 5. The shares of food and beverages producer Almarai closed 0.31 percent to reach SAR71.
Earlier in the day, Almarai revealed that it has signed with PDC, the developer and operator of the King Abdullah Port in Rabigh, two agreements that will form the basis for major investments in developing its own infrastructure to handle the imports of grains, essentially maize and soybean, as well as alfalfa.
The first agreement comprises a renewable long-term bulk berth use agreement that will provide Almarai a right to use a designated berth, yet non exclusive, according to its needs. Almarai will invest into the establishment of a discharge equipment, including crane and related support equipments.
The second agreement features a renewable long-term industrial land lease agreement, starting in November 2014, of a 35,000-square-meter industrial plot located within the KAP Processing and Services Zone.