Riyadh – Mubasher: Mohammed Hassan Al Naqool Sons Co. announced the beginning of the pilot production phase at its SAR 20 million worth project in Egypt, according to a bourse filing on Tuesday.

The Saudi listed firm has established the subsidiary Alnaqool for Cement Industries Co. in Egypt’s Alamein City in 2019 to focus on manufacturing cement products.

The project was self-financed from Al Naqool’s retained earnings in addition to funding from partners, and it is expected to increase the sales and operational income as a positive impact starting the second half (H2) of 2021.

The project first started on 31 December 2019 and is projected to be completed during the fourth quarter (Q4) of 2021.

Al Naqool further noted that the pilot production phase will last for 60 days as of 15 June 2021, while the commercial output stage will begin in Q3-21.

The Saudi company has been listed and trading on the Saudi Exchange’s (Tadawul) Nomu-Parallel Market Capped Index (NomuC) since 2 June.

Head of the Saudi Egyptian Business Council (SEBC) Bandar Al Amri recently stated that over 6,000 Saudi companies operate in Egypt at investments worth $35 billion. He added that the Saudi working capital in the Egyptian market stands at $5 billion, with a target to increase this value to $50 billion.