Saudi-based Naqi Water Company has announced that it has signed a contract with Saudi Authority for Industrial Cities and Technology Zones to acquire a prime industrial property in Riyadh with all its facilities.
The property, located in the second industrial city within capital Riyadh, was snapped up owing to its readiness and all infrastructure being intact to begin production lines, said Naqi in its filing to the Saudi bourse Tadawul.
A leading player in the water production and bottling sector in Saudi Arabia, Naqi Water was established in 2014 at Unaizah in Qassim district.
In line with its regional expansion strategy, Naqi said it is setting up a new factory in the Saudi capital for which the work has already begun.
The contract value and the factory's construction costs will be self-financed by the company without the need for any external financing, it stated.
The financial impact of the new factory will be reflected in the first quarter of 2024, it added.-TradeArabia News Service