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Al-Lujain partners with Biolio to localize fiber production
Alujain Corporation announced the signing of a joint venture agreement with Belgium-based Biowell International Fibers to establish an entity for the production of synthetic fibers and non-woven fabrics in Saudi Arabia. The agreement includes Biowell's acquisition of a 50% stake in the manufacturing infrastructure processing company in exchange for an investment of 89 million SAR, aimed at increasing the production capacity from 26,000 tons annually to 88,000 tons. An additional investment of 330 million SAR, financed by both partners, is also planned. The financial impact is expected to be reflected in the company's results starting from the end of Q4 2026, with the goal of promoting the localization of transformative industries and adding value in the petrochemical sector.
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