Idea Soda Ash And Calcium Chloride Company (Isacc) has appointed NCB Capital as the financial advisor  for its new SR1.1 billion ($293 million) Jubail inorganic chemicals factory in Saudi Arabia.

The new Jubail Inorganic Chemicals Industries Company (Ichem) facility will be the first in the Kingdom and the GCC to produce Soda Ash (Sodium Carbonate) and Calcium Chloride.

The factory will have a total capacity of up to eight hundred thousand tons a year with all basic materials secured from mines within Saudi.

Once ready, Ichem will provide the Kingdom’s requirements for Soda Ash and Calcium Chloride, used in oil and gas drilling operations and the manufacturing of glass and detergents, which are currently being imported from outside sources.

An agreement was signed by Abdulaziz Yahya Al-Muaiyyad, managing director and CEO of Isacc and Hicham Hatoum at NCB Capital in this connection

Isaac said the deal follows signing with the other consultants including Jacobs Engineering, who will be the main technical consultant overlooking the development of the production facility in Jubail.

“We are very pleased to be acting as financial advisor for the Ichem project since we share with Isacc a commitment to supporting the development of Saudi Arabia’s non-oil economy for the long term benefit of the kingdom’s future generations,” said Hicham Hatoum.

“In this project,  we will contribute our unrivalled expertise as leaders in corporate finance, providing advice and guidance for the entire project and incorporation of Ichem.”

Al-Muaiyyad said it is one of the most important strategic projects in Saudi’s efforts to diversify its sources of revenue and reduce reliance on oil exports.

"As such, we have selected NCB Capital in recognition of its outstanding track record as key contributor to the kingdom’s economic development and its renowned expertise and understanding of the Saudi business and capital markets environment," he added.-TradeArabia News Service