Riyadh – Mubasher: The National Metal Manufacturing and Casting Company (Maadaniyah) will set up a factory specialised in manufacturing valves used in oil, gas, and petrochemical at a total value of SAR 71 million.
Expected to be completed in the first quarter (Q1) of 2023, the project's construction starts in the fourth quarter (Q4) of 2021, according to a bourse filing on Monday.
Maadaniyah will finance the project, whose impact will be reflected on the company's financial results in the second half (H2) of 2023, from its capital and banks.
The three-month pilot production project is expected to begin in the second quarter (Q2) of 2023.
