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IDEA Soda Ash and Calcium Chloride (ISACC) states that Sanabil Investments has become a founding partner of Khair Inorganic Chemical Industries Company (InoChem) project with 30 percent share, which marks the completion of the capital raise ahead of the company’s incorporation.
The move is in line with Sanabil’s strategy of putting direct local investments to bolster the Kingdom’s plan to localize industries and support non-petroleum investments.
InoChem is expected to reach SR2.125 billion in total investment, of which SR800 million in equity has been paid in full by Sanabil and other private sector corporations and investors, all setting the stage to establish InoChem.
The Royal Commission of Jubail and Yanbu allocated 1 million sqm of land in Yanbu to the company’s industrial complex, which is slated to be completed in 36 months.
The company is set to secure Shariah-compliant project finance.
“Our investment in InoChem comes as part of our strategy on direct local investments,” said Ibrahim Al-Romaih, CEO of Sanabil Investments.
Saied Basamh, nominated board member of InoChem and representative of Al-Samh Company, one of the company’s founding partners, said securing the necessary funding to go ahead with establishing the company is “positive confirmation of the confidence the business community has in the Kingdom’s industrial sector, especially in the field of inorganic chemicals.”
AbdulAziz Yahya Al-Muaiyyad, InoChem’s CEO, said “InoChem is proof positive of the Kingdom’s ability to bring completely new industries into the region, as well as the ability of Saudi manpower to transfer and master new technologies and every facet of management. InoChem’s primary objective is to cover demand for soda ash and calcium chloride.”
Wassim Al-Khatib, head of investment banking at NCB Capital, said the Kingdom’s industrial sector is “one of the strongest magnets of direct investment.”