Naqi Water Company announces the start of constructing a new factory in Riyadh and signing of a contract to acquire industrial property

Naqi Water Company announces the start of constructing a new factory in Riyadh and the signing of a contract to acquire industrial property with all its facilities. The property was acquired due to its readiness and complete infrastructure necessary to begin production lines. The property is in the Second Industrial City of Riyadh and belongs to the Saudi Authority for Industrial Cities and Technology Zones.

The contract value and the factory’s construction costs will be self-financed by the company without the need for any external financing.

The financial impact of the new factory in Riyadh is expected to start by the end of the first quarter of 2024.

The contract for acquiring the industrial property is unconditional and was signed on 28/5/2023.

The total value of the contract for acquiring the industrial property is SAR 6,150,000.

Financial Impact on the Change: There is no financial impact of the change.
Additional Information: The company would like to point out that there are no related parties involved in the transaction.