Naqi Water starts constructing factory in Riyadh, signs contract to acquire industrial property

Naqi Water Company announced the start of constructing a new factory in Riyadh and the signing of a contract to acquire industrial property with all its facilities.

The property was acquired due to its readiness and complete infrastructure necessary to begin production lines. The property is in the Second Industrial City of Riyadh and belongs to the Saudi Authority for Industrial Cities and Technology Zones.

The contract value and the factory’s construction costs will be self-financed by the company without the need for any external financing.

The company stated on Monday on Tadawul that the financial impact of the new factory in Riyadh is expected to start by the end of the first quarter of 2024.