KSA- Emaar Economic City and Savola Group in plastic industry tie-up

Tag : plastic industrial
(MENAFN - Khaleej Times) Emaar, The Economic City, and Savola Group are to establish a plastic industry cluster in the Industrial Zoneof the King Abdullah Economic City.

As per the memorandum of understanding (MoU), Savola Packaging Systems (SPS), the wholly owned subsidiary company of Savola Group will be the strategic partner of Emaar EC in carrying outnecessary studies to identify product lines and determine rawmaterial prices, optimum volume, capacities and product researchand development for maximum value generation, and in creating aglobal plastic industry hub within the KAEC Plastics Valley.

For the purpose, Emaar EC, the Tadawul-listed company developingKAEC, has signed a MoU with Savola Group through SPS.

Fahd Al Rasheed, CEO and board member, Emaar EC, and Dr. SamiBaroum, managing director, the Savola Group , signed the MoU in Jeddah recently, according to information madeavailable to Khaleej Times here yesterday.

SPS is a wholly owned subsidiary of the Savola Group , a Saudi joint stock company with diversified business interests.It is a leading Saudi player in the plastics packaging industry locally and internationally.

"The KAEC Plastics Valley, which was unveiled by Custodian of theTwo Holy Mosques King Abdullah during his recent visit to KAEC, hasalready become an investment destination for plastic industries from around the world. SPS is a leader inthe plastics industry regionally and has proven its competenciesthrough sustainable growth models," said Al Rasheed. "By joininghands with SPS in driving forward the development of the KAECPlastics Valley, Emaar EC is creating a vibrant hub for theplastics industry," he added.

"This is in line with the vision of the Saudi Arabian General Investment Authority (SAGIA), KAEC's prime facilitator, to make Saudi Arabiaone of the top-ten most competitive economies in the world. ThePlastics Valley initiative will lead to employment generation andthe growth of ancillary industries, thus complementing ourdevelopmental vision of ushering in socio-economic prosperity," hesaid.

Baroum said that the KAEC Plastics Valley is a significantopportunity for growth for the region's plastics industry. SPS is aleader in the plastics sector, and the MoU with Emaar EC will helpshape plastic industry cluster that will make KAEC the regional andglobal hub for the industry.

"Through the MoU, SPS will serve as an anchor tenant ormanufacturer in the Plastics Valley, and work to strengthen theinvolvement of international investors as co-anchors. Our objectiveis to align the plastics industry to meet the needs of our clientsand major raw material suppliers," commented Mohammad AminKashgari, CEO, of SPS