Saturday 3 December 2022

Saudi Industrial Investment Group outlines new strategy

RIYADH, September 21, 2022

Saudi Industrial Investment Group (SIIG) has announced its new strategy that aims to boost the diversification of its current portfolio by continuing growth in the petrochemical projects, as well as forming strategic tieups in new sectors, based on sustainability and advanced technologies.
Announcing this after the company board meeting yesterday (September 20), SIIG said the new strategy is in line with the Kingdom's Vision 2030 even as it continues to maximise shareholder returns and maintain dividend distribution.
SIIG said it is currently studying several opportunities and will announce any significant developments as they occur.
The Saudi industrial group's announcement comes at a time when it had announced the scheduled turnaround maintenance of its joint venture project (Saudi Polymer Company) starting from October 1 and which is estimated to last 58 days. 
According to SIIG, the other projects will continue to operate as normal. 
This turnaround was referred to in SIIG’s 2021 Board report, said the comoany adding that such turnaround occurs every five to six years.
The financial impact of this turnaround will appear on the financial results for Q4 2022, it added.-TradeArabia News Service


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